UNITED  SIATES  TARIFF  COMMISSION 
WASHINGTON 


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Recent  Tendencies  in  the  Wool  Trade 

With  Special  Reference  to  Their 

Tariff  Aspects,  1920-1922 


WASHINGTON 
GOVERNMENT  PRINTING  OFFICB 

1922 


UNIVERSITY  OF  CALIFORNIA 
AT  LOS  ANGELES 


UNITED  STATES  TARIFF  COMMISSION 

WASHINGTON 


Recent  Tendencies  in  the  Wool  Trade 

With  Special  Reference  to  Their 

Tariff  Aspects,  1920-1922 


WASHINGTON 
GOVERNMENT  PRINTING  OFFICE 

1922 


UNITED  STATES  TARIFF  COMMISSION. 

Office :  Old  Land  Office,  Seventh  and  E  Streets  NW.,  Washington,  D.  C. 
COMMISSIONERS. 

Thomas  O.  Mabvin,  Chairman. 
William  S.  Culbebtson,  Vice  Chairman. 
David  J.  Lewis. 
Edward  P.  Costigan. 
Thomas  Walkek  Page. 
William  Burgess. 

John  F.  Bethune,  Secretary. 


ADDITIONAL  COPIES 

OF  THIS  PUBUCATION  MAY  BE  PROCURED  FRO  I 

THE  SUPERIXTESDEKT   OF   DOCUMENTS 

GOVERNMENT  PRINTING   OFFICE 

WASHINGTON,  D.  C. 

AT 

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3  'g"30.i- 


CONTENTS. 


Page. 

Preface v 

Introduction 1 

World  production  and  consumption 1 

The  world  surplus 3 

Effect  of  world  surplus  on  prices 7 

Changes  in  normal  price  relations  between  grades 10 

The  case  for  and  against  a  specific  duty  per  grease  and  per  scoured  pound 13 

Connection  between  temporary  abnormalities  in  the  wool  market  and  proposed 

bases  for  levying  a  duty  on  wool 15 

The  relative  effect  of  different  duties  on  the  consumer 23 

STATISTICAL  TABLES. 

Table  I.  Stocks  of  wool  in  the  grease  and  of  scoured,  pulled,  tops,  and  noils 
reduced  to  their  grease  ecjuivalents,  on  hand  at  the  end  of  each  quarter 

from  June  30,  1917,  to  September  30,  1921 24 

Table  II.  Consumption  of  wool  in  the  grease  and  of  scoured  and  pulled 

wools  reduced  to  their  grease  equivalents,  1918-1921 37 

Table  III.  Quantity  of  wool  entering  into  manufacture,  by  class,  grade, 

and  condition,  1918-1921 40 

Table  IV.  Imports  for  consumption  of  unmanufactured  wool,  1900-1921.. .  42 

Table  V.  Government  issue  prices  on  domestic  wool  (clean  content),  Janu- 
ary 4,  1919 43 

Table  VI.  Wholesale  price  per  pound  of  domestic  wools  in  the  Boston 

market.  1919-1922 43 

Table  VII.  Trend  of  wool  prices,  London,  1900-1921 47 

Table  VIII.  Argentine  wools: 

(a)  Clean  yields  by  districts,  1912-1921 48 

(b)  Prices  to  estancieros,  1912-1921 49 


190196 


RECENT  TENDENCIES  IN  THE  WOOL  TRADE  WITH  SPECIAL 
REFERENCE  TO  THEIR  TARIFF  ASPECTS,  192C-1922. 


INTRODUCTION. 

In  May,  1921,  the  wool  situation  was  much  brighter  than  the  year 
before.  In  1920  both  domestic  and  foreign  consumption  was  low; 
stocks  of  the  raw  material  were  moving  slowly  and  at  greatly  depressed 
prices  at  home  and  abroad;  wool  growers  were  confronted  with  serious 
problems;  production  costs  were  far  above  the  pre-war  level,  but  wool 
prices  averaged  considerably  below  the  pre-war  level  except  in  the 
case  of  merino  fiber.  These  conditions  were  due  to  a  number  of  causes, 
among  which  were  surplus  world  stocks  of  raw  wool,  diminished  de- 
mand, in  part  resulting  from  constantly  mounting  prices  after  the 
armistice,  and  financial  stringency  in  nearly  all  Tines  of  industry, 
which  both  directly  and  indirectly  affected  demand.  Notwithstand- 
ing an  easing  of  the  financial  stringency  and  a  resumption  of  German 
buying  on  a  considerable  scale, ^  the  world's  markets  still  retain  many 
elements  of  abnormality  which  react  upon  the  domestic  market. 
These  elements  of  abnormality  have  aroused  much  comment  as  to 
the  basis  on  which  to  levy  the  duties  proposed  to  equalize  the  com- 
petitive status  of  the  domestic  and  foreign  wool  growers.  The  follow- 
ing pages  present  a  brief  analysis  of  the  foregoing,  with  particular 
reference  to  the  effect  of  abnormal  factors  on  the  basis  for  levying  a 
duty  on  raw  wool.  Several  phases  of  the  subject  are  discussed  under 
the  following  headings:  (1)  World  production  and  consumption,  (2) 
the  world's  surplus  of  wools,  (3)  changes  in  normal  price  relations 
between  grades,  (4)  the  case  for  and  against  a  specific  grease  pound 
duty  on  wool  as  compared  with  a  specific  clean  content  duty,  (5)  the 
connection  between  temporary  abnormalities  in  the  world  market  and 
the  basis  for  levying  proposed  duties  on  wool,  and  (6)  the  relative 
effect  of  different  duties  on  the  consumer. 

WORLD  PRODUCTION  AND  CONSUMPTION. 

For  the  pre-war  years  1909  to  1913,  inclusive,  the  world's  annual 
production  of  raw  wool  averaged  approximately  3,335,242,000  pounds, 
of  which  about  30  per  cent  was  carpet  wools.  Of  this  amount  587,- 
350,000  pounds  were  produced  in  South  America,  157, 761, 000  in 
South  Africa,  and  903,620,000  in  Australasia,  the  three  great  exptH't- 
ing  regions  which  supply  the  deficiencies  in  production  of  clothing 
wools  of  western  Europe  and  North  America.  For  1921  world  pvo- 
duction  is  estimated  at  2,770,852,000  pounds,  of  which  the  three  ex- 
porting regions  above  mentioned  are  credited  with  491,209,000  pounds 
127,177,000  pounds,  and  798,443,000  pounds,  respectively,  or  a  (Ic- 
cline  in  these  areas  of  231,000,000  pounds  from  pre-war  production. 

1  Mallet,  C.  F.:  Weekly  Wool  Chart,  in  Annual  Review  (Bradford),  1921,  p.  411. 


2  RECENT   TENDENCIES   IN    THE   WOOL  TRADE. 

The  rest  of  the  (hn-Hiie  from  the  pre-war  total  occurred  mainly  in 
Europe,  where  there  was  a  decrease  of  250.000,000  pounds.  Table  1 
presents  pre-war  and  1921  wool  production  by  countries;  it  also  shows 
consumption  for  a  series  of  pre-war  years.  It  will  be  noted  that  the 
grand  total  for  pre-war  consumption  is  slightly  larger  than  for  pro- 
duction. This  discrepancy  is  accounted  for  by  the  use  of  some  esti- 
mates in  both  columns,  from  probable  duplication  in  import  and  ex- 
port figures,  and  probably  from  the  omission  of  an  important  raw 
material,  namely,  "skin"  wool,  i.  e.,  wool  on  pelts,  in  many  estimates 
of  production. 


Table  1. —  World  wool  production  and  consumption. 
[000  omitted.] 


Country. 


Production.! 


Average 
1909-1913. 


Average 

consump- 
tion. 2 
1909-1913. 


United  States. 
Canada 


Mexico 

Central  America  and  West  Indies. 


Pounds. 

314, 110 

11,210 

7,000 

1,000 


Pounds. 

272,-564 

24,050 

500 

750 


Pounds. 

517,408 

18, 794 

5,741 

1,072 


Total. 


333,320 


297,864 


543,015 


Argentina 

Brazil 

Chile 

Peru 

Falkland  Islands . 

Uruguay 

All  other 


Total  South  America . 


Austria 

Belgium 

Bulgaria 

Czechoslovakia . . . 

Denmark 

Finland 

France 

Germany 

Greece 

Hungary 

Iceland." 

Italy 

Netherlands 

Norway 

Poland" 

Portugal 

Rumania 

Russia 

Spain 

Sweden 

Switzerland 

Turkey 

United  Kingdom. 
Jugoslavia 


Total  Europe. 


358,688 
35, 000 
17, 430 
9,940 
4,324 
156, 968 
5.000 


587, 350 


15, 360 

1,030 

23, 700 


3.508 


80, 688 

25. 600 

14,000 

26. 240 

1,980 

35, 000 

3, 55S 

8,160 


10, 000 

13, 228 

320,000 

52, 000 

6,030 

1,049 

28,000 

135, 600 

25, 446 


8 '0,2:35 


283,000 
27,000 
33, 069 
12,000 
3,200 
125, 000 
5,000 


491,269 


1,025 

17, 637 

5, 952 

3, 508 

3,250 

39,400 

42, 975 

16,000 

25, 516 

1,980 

50,000 

.5,500 

7,247 

6,724 

6, 2.32 

14,000 

1.50,000 

52,000 

5, 3.54 

800 


101,100 
23,800 


580, 180 


10,361 

31,675 

3,477 

607 


17,790 


63,910 


'  105, 542 
104, 987 
44, 803 


6,569 


597,343 

464.771 

14, 157 


65,292 
9,185 
11,593 


10,479 
22.046 
*  453, 778 
Zi,  495 
13, 327 
12, 260 

5  62.000 
615, 937 

6  21,060 


2, 658, 524 


1  Partly  estimated.  Based  on  information  gathered  bv  the  U.  S.  Dept.  of  Agr.,  Dept.  of  Commerce,  the 
Tariff  Commission,  and  the  Nat .  Assn.  of  Wool  .\Itrs.,  as  published  in  their  annual  wool  review.  See  report 
of  U.  S.  Tariff  Commission  on  ihe  Wool-Growing  Industrv.  1921,  pp.  19,  41:  The  Market  Reporter,  Oct.  2, 
1920,  U.  S.  Dept.  of  Agr.;  Wool  Conditions  throughout  the  World,  U.  S.  Dept.  of  Agr.,  Sp.  Rept.,  Feb.  24, 
1922;  and  Commerce  Reports,  Feb.  13,  1922,  pp.  360-7. 

2  Partly  estimated:  based  on  figures  in  the  .Market  Reporter,  Oct.  2,  1920. 
'  Austria-Hungary. 

*  Russian  Empire. 
5  Turkish  Empire. 
«  Serbia. 


RECENT   TENDENCIES    IN    THE   WOOL    TRADE. 
Table  1.^ — World  uool  production  and  consumption — Continued. 


Production. 

Average 

Country. 

Average            ,„„, 
1909-1913.  1        ^^''^ 

tion. 
1909-1913. 

British  India 

Pounds. 
60.000 
200,000 
60,000 
60,000 
90, 000 
1,000 

Pounds. 
60,000 
200,000 
60,000 
45, 000 
CO, 000 
1,000 

Pounds. 

27, 225 

China 

157,316 

Persia 

49, 977 

All  other 

7  10, 236 

Total  Asia 

273,  U6 

228, 146 

244, 7.54 

Algeria 

35,  221 

157, 761 

3,735 

13, 000 

33, 184 

127, 177 

3,735 

13,000 

15,3.50 

British  South  Africa 

2,723 

Tunis 

2,829 

All  other                                                  

Total  Africa                  

200,717 

177,096 

20, 902 

Austraha  and  Tasmania 

705,146           631,290 
198,474           167,153 

28, 467 

3, 673 

903,620          798,443 

32, 140 

3, 335, 242 

2,770,852 

3, 563, 245 

i  Japan . 

Owing  to  extensions  in  the  area  of  cultivated  land,  and  to  competi- 
tion of  cattle  with  sheep,  the  niniiber  of  sheep  had  been  declining  fairly 
steadily  for  a  long  period  prior  to  the  war.  Wool  production,  how- 
ever, had  remained  about  stationary,  owing  in  part  to  breeding  and 
selection  for  heavier  fleeces  within  breeds,  particularly  in  the  case 
of  merinos,  and  in  part  to  the  rapid  adoption  of  crossbreeding  for 
mutton  production,  which  also  gave  heavier  fleeces.^ 

During  the  war  European  flocks  were  considerably  diminished,  and 
subsequent  turmoil  and  unsettlement  have  prevented  their  rehabili- 
tation. Furthermore,  the  sharp  slump  in  wool  prices,  which  began 
about  a  year  after  the  armistice,  particularly  in  wool  of  crossbred 
fiber,  was  so  pronounced  in  1920-21  that  millions  of  sheep  were  sent 
to  the  butcher  or  were  allowed  to  die,  often  without  removal  of  their 
pelts.  These  two  factors  account  for  the  sharp  drop  in  wool  pro- 
duction during  1921,  as  estimated  in  Table  1. 

THE  WORLD  SURPLUS. 

Prior  to  the  war,  with  world  wool  production  virtually  stationary, 
but  with  po])ulati()n  steadily  increasing,  there  had  been  a  constant, 
increase  in  the  use  of  cotton  in  combination  with  or  in  place  of 
wool,  and  of  reworked  wool.  Noriually,  therefore,  there  could  be 
no  carry-over  of  new  wool  from  season  to  season,  other  than  amonnts 
needed  "to  thread  the  mills"  and  to  give  reasonable  reserves  while 
the  brief  gaps  between  shearing  and  marketing  in  the  Northern 
and  Southern  Hemispheres  were  being  bridged.  During  the  war, 
however,  the  Central  European  Powers,  which  normally  import  a 
large  part  of  the  world's  exports  of  crossbred  wools,  were  deprived 

2  See  A  Brief  History  of  the  Sheep  Industry  in  the  I'nitcd  States,  Annual  Report  of  Am.  Hist.  Assn., 
1918,  p.  151  ff.;  report  of  V .  S.  Tarill  ("oinmiRsion  on  The  Wool-Orowing  Industr^v,  1921,  p.  29  ff.;  the  intro- 
duction to  chs.  4  to  7,  and  p.  226  ff.;  314  ff.;  374  ff.;  3'.K»  ff.;  lioff.;  and  report  of  I  .S.  Tarill  Commission  on 
on  Sheep  and  Wool  Production  in  Argentina,  1922. 

109209—22 2 


4  RECENT  TENDENCIES  IN   THE   WOOL  TEADE. 

of  access  to  outside  supplies,  save  as  small  amounts  dribbled  in  over 
eastern  frontiers.  Crossbred  wools  were  in  great  demand  for  allied 
military  purposes,  and  the  bulk  of  the  world's  production  was  re- 
served by  the  allied  Governments,'  either  by  commandeer  or  by 
purchase.  But.  notwithstandins;  the  heavy  demand  for  wool  for  the 
clothino;  of  millions  of  soldiers  and  sailors  and  the  high  war  wastage, 
the  shortage  of  shipping  after  1916  resulted  in  a  slow  accumulation 
of  wools  in  the  Southern  Hemisphere,  particularly  in  Australasia.  As 
a  result,  with  the  sudden  cessation  of  hostilities  in  November,  1918, 
there  were  fairly  large  stocks  on  hand.  The  British  Wool  Council 
estimated  this  accumulation  at  approximately  1,265,000,000  pounds.*' 
The  effective  surplus,  however,  was  much  smaller,  owing  to  shortages 
in  most  consuming  countries.  Thus  from  total  imports  into  Great 
Britain  only  1,190,849  bales  had  been  retained  in  1918  as  compared 
with  an  average  of  1,850,000  bales  during  the  preceding  4  years  and 
1,470,000  before  the  war.''  In  the  United  States  the  supply  on  hand 
at  the  end  of  1918  was  about  as  large  as  pre-war  normal.  Table  2 
shows  stocks  as  reported  by  the  U.  S.  Department  of  Agriculture 
from  June  30,  1917,  to  September  30,  1921,  the  last  report  available. 
Table  I,  on  page  24,  gives  these  stocks,  by  grades,  for  both  domestic 
and  foreign  wools. 

Table  2. — Quarterly  stocks  of  vool,  1917-1921 .     Total  number  of  pounds  of  wool  in 
the  grease  and  of  scoured,  pulled,  tops,  and  noils  reduced  to  their  grease  equivalent. 

[000  omitted.) 


Quarter  ending— 


1921 


Mar.31 (')  427,287 

June  30 '  584, 731  494, 174 

Sept. 30 643,518  I    462,935 

Dec.  31 562, 546  '  585, 808 


543,469 
674, 431 
729,373 
623.782 


549,059 
537,272 
521,484 
532, 192 


622,932 
576,524 
590,115 


'  Began  June  iO,  1917. 

■  Included  313,746,502  pounds  in  hands  of  the  U.  S.  Government. 

Owing  to  a  continuance  of  shipping  scarcity  after  the  signing  of  the 
armistice  in  November,  1918,  the  accumulated  stocks  in  countries  of 
origin  could  not  be  moved  as  fast  as  the}"  could  have  been  absorbed. 
Despite  abundant  supplies,  the  post-war  business  boom,  with  its 
attendant  high  wages  and  free  spending,  coincided  with  what  really 
was  an  effective  shortage  of  wool,  especialh^  of  fine  fiber,  in  con- 
suming countries.  Just  prior  to  the  war  fine  wools  were  coming  into 
vogue,  while  durinoj  the  war  the  withdrawal  of  crossbreds  for  military 
uses  left  only  merinos  for  civilian  consumption.  As  a  result,  v.hat 
may  have  been  only  a  temporary  popularity  of  mermos  in  1914  had 
become  the  fashion  by  1919,  and  post-war  manufacturing  demand 
centered  chiefly  on  fine  wool."     The  price  of  such  fiber  therefore  rose 


»  See  report  of  U.  S.  Tariff  Commission  on  The  Wool-Growing  Indu.stry,  1921,  ch.  3. 

*  See  the  .Market  Reporter,  U.  S.  Dept.  of  Agr.,  Oct.  2,  1920.  Stocks  estimated  for  January,  1919,  by 
the  Wool  Council. 

»  See  Table  7,  p.  9. 

•  For  consuraption  by  grades  of  domestic  and  foreign  wool  in  the  United  States,  for  191S  to  1921,  inclusive, 
see  Table  II,  p.  37.  This  was  typical  of  foreign  consumption  as  well.  Table  HI,  p.  40,  gives  these  data  by 
grades  and  subgrades — i.  e.,  by  combing  and  clothing  lengths— in  the  condition  reported — i.  e.,  not  re- 
duced to  grease  equivalent.  It  is  seriously  open  to  ouestion  whether  there  really  was  a  turn  of  fashion 
toward  fine  wools  by  1914.  or  whether,  bv  that  year,  tne  steady  increase  in  crossbreeding  had  not  reduced 
the  production  of  fliie  wools  to  a  level  below  normal  demand. 


RECENT   TENDENCIES   IN   THE   WOOL   TRADE.  5 

to  record  levels  after  a  brief  lull  following  the  signino;  of  the  armistice. 
Crossbreds  also  remained  high,  since  the  extent  oi  the  demand  for 
merinos  was  not  at  first  fully  realized,  and  for  the  time  being  accurate 
information  concerning  surplus  wool  stocks  was  lacking.^ 

As  Europe  in  general,  and  the  Central  Powers  in  particular,  did 
not  reenter  the  market  to  any  great  extent  for  medium  and  coarse 
wools,  an  important  outlet  for  these  grades  remained  virtually  closed. 
Because  of  continued  low  demand  for  such  fiber  in  active  consuming 
countries,  and  the  dissemination  of  accurate  information  concerning 
the  surplus  stocks,  a  declining  market  for  crossbreds  set  in  soon  after 
the  middle  of  1919.  The  surplus  of  such  grades  gradually  increased 
during  1919  and  1920,  while  stocks  of  merino  as  steadily  decreased. 
The  following  tabulation  shows  the  change  which  occurred  in  the 
British-owned  surplus. 


Table  3. — British-owned  surplus  tvools. 
[Bales  of330pounds.i] 


Aug.  31, 
1919. 

Aug.  31, 
1920. 

Aug.  31, 
1921. 

1,202,023 
1,412,295 

9.53,622 
1,754,932 

636, 795 

Crossbred 

1,543,229 

Total 

2,614,318 

2,708,554 

2,180,024 

1  Reported  by  the  British  Australian  Wool  Realization  Association.  See  also  Willingmyre:  Special 
Report  on  Wool  Conditions  Throughout  the  World,  Bureau  of  Marliets,  Feb.  24,  1922. 

Although  depressed  prices  for  crossbreds  had  some  effect,  the 
decrease  in  the  surplus  sliown  on  August  31,  1921,  resulted  primarily 
from  a  shortage  of  470,919  bales  in  ike  Australasian  clip  of  1920-21, 
caused  by  drought.  This  greatly  curtailed  the  effective  surplus  of 
old  wools,  and  hastened  the  return  to  normal  relations  between  supply 
and  demand.  Accelerated  buying,  however,  during  the  last  four 
months  of  1921  made  further  inroads  on  the  Australasian  supplies. 
This  buying  perhaps  signified  only  that  supplies  in  second  hands  had 
increased  considerably  by  January  1,  1922,  as  compared  with  January 
1,  1921,^  but  the  surphis  in  sight  at  the  end  of  1921  was  considerably 
smaller  than  would  otherwise  have  been  the  case.  Furthermore,  the 
rapid  movement  of  the  new  clip  wools  in  the  fall  of  1921  was  an  addi- 
tional advantage  to  the:  wool  trade.  Table  4  shows  stocks  of  Austra- 
lasian wools  on  hand  December  31,  by  grades,  for  1920  and  1921. 

'  See  report  of  the  U.  S.  Tariff  Commission  on  The  Wool-Growing  Industry,  1921,  p.  13  ff,  and  News 
Release  of  the  U.  S.  Tariff  Corninis'iion,  Dec.  3,  1919. 

*  Sperlings  .lournal,  February,  1922,  p.  33;  Wool  Record  and  Textile  World  (Bradford),  Dec.  1,  1921, 
p.  1445;  and  Mallctt,  Weclfly  \Vool  Chart,  Feb.  9,  1922.  pp.  44,  45. 


EECENT  TENDENCIES  IN   THE   WOOL  TRADE. 

Table  4. — Australasian  wool  in  stock  and  afloat,  December  SI,  1920  and  1921} 

[British-Australian  Wool  Reilization  Association.] 

[Bales  of  330  pounds.] 


Dee.  31, 
1920. 


Dec.  31, 
1921. 


Australian: 
.Merino — 

("omblng 

("lotliing 

Carbonizing. 

Total 


668,400 
142, 843 
92, 937 


308,449 
67, 470 
44.230 


904, 180 


420, 149 


Cros.sbred — 
Combi:ig — 

Fine,  50/50/60s 

iMediuni,  44/46s 

Low,  40s  and  lower. 
Clothing- 
Fine,  50/58/60S 

Medium,  44/46s 

Low,  70s  and  lower. 
Carbonizing — 

Fine,  oO/oS/nOs 

Mediiun,  44/4()s 

Low,  40s  and  lower. 


Total  crossbred... 
Total  Australian. 


434, 197 
145,011 
61,238 

57,993 
42, 949 
15, 484 

83, 936 
67, 1.50 
23,867 


931,825 


338,953 
121,996 
47,432 

48,  .508 
41,343 
13,917 

f3,9()2 

5><,380 
21,189 


755, 626 


1,836,005         1,17.5,775 


New  Zealand 

Merino 

Cros.<;brcd  (bulk  combing). 

Fine,  5ii/58s 

Medium,  4lJ/48/50s 

Low,  44s  and  lower 

Slipes 

Scoured 


3, 181 


23,761 
184, 123 
24.5,681 
156,268 
160, 529 


Total 

Falkland  Lslands. . 
CJrand  total . 


772, 943 


2,329 


2,611,27 


2, 732 


17, 189 
149, 297 

210,874 
12.1,097 
127, 864 


634,0,53 


■•:80,.550 


1,890,378 


»  From  Wool  Record  and  Textile  World,  Jan.  26,  1922,  p.  250.  Stocks  reported  by  the  British-Austra- 
lian Wool  Realization  Association,  formed  in  Australia  in  December,  1920,  but  which  did  not  take  over 
the  wools  controlled  by  the  British  (Jovernment  until  early  in  1921. 

*  Represents  entire  slocks  of  old  clip  South  African  wools. 

The  above  stock  as  of  1921  consists  of: 


Greasy. 

Scoured. 

Slipes. 

Total. 

Australian. . . 

780,505          395,657 

380,092          127,873 

73, 880              6, 670 

1,176,162 

New  Zealand 

126,097 

C.34,062 

South  African    . 

80, 550 

Total 

1,234,477 

530,200 

126,097 

1,890,774 

The  curtailment  of  Australasian  stocks  as  of  December  31,  1921. 
was  further  encouragement  to  the  wool  trade  in  that  during  1921  a 
surplus  of  some  magnitude  in  South  America,  chiefly  in  Argentina, 
and  in  South  Africa,  was  also  disposed  of.^  German  buying  during 
the  last  half  of  1921  was  chiefl}"  responsible  for  removal  of  the  Argen- 
tine surplus.^"    Thus  the  year  1922  opened  wdth  a  normal  rate  of 


9  The  total  surplus  on  Dec.  31,  in  all  countries,  was  estimated  at  1,050,000  pounds,  of  which  about  200,000 
pounds  was  in  South  America,  particularly  in  Argentina,  and  in  South  Africa.  See  report  of  the  U.  S. 
Tariff  Commission  on  The  Wool-Growing  industry,  pp.  15,  16,  and  Mallett,  Annual  Review,  p.  414. 

"  Wool  Record  and  Textile  World,  Jan.  5,  1922,  pp.  26-7. 


RECENT  TENDENCIES   IN   THE   WOOL   TRADE.  7 

disposal  of  the  new  clip,  and  with  wool  lofts  virtually  bare  of  old 
stock  other  than  small  amounts  of  defective  fiber.'*  The  amount  of 
faulty  wool  is  too  small  to  clog  the  channels  of  world  trade  in  wool. 
With  virtually  the  entire  Australasian  clip  of  1920-21  sold  out,  largely 
because  of  accelerated  purchases  in  New  Zealand  during  the  last 
months  of  1921,'^  the  British-Australian  Wool  Realization  Associa- 
tion stocks  given  as  of  December  31,  1921,  apparentl}^  constitute  the 
entire  world  surplus  at  the  present  time.  Heavy  sales  since  the 
beginning  of  1922  have  made  further  inroads  on  it,  nearly  300,000 
bales  having  been  sold  between  January  1  and  March  31 ;  of  this  nearly 
one-half  consisted  of  merinos.'-^ 

Trade  absorption  outstripped  production  during  1921  by  approxi- 
mately 450,000  bales  of  Australasian  merinos,  and  90,000  bales  of 
crossbred,'*  besides  the  South  American  surplus,  which  consisted 
almost  entirely  of  crossbreds.  In  the  last  third  of  1921,  merinos  and 
fine  crossbreds  were  selling  at  a  rate  of  70,000  bales  a  month  faster 
than  they  were  grown.  Accordingly,  it  has  been  estimated  that  the 
stocks  of  Australasian  merinos,  including  the  1921-22  clip,  will  be 
about  sold  out  by  or  before  the  fall  of  1922,  and  that  the  surplus  of 
crossbreds  will  have  been  disposed  of  by  or  before  1924.''' 

EFFECT   OF    WORLD    SURPLUS    ON    PRICES. 

The  fact  that  the  world  price  of  wool  was  affected  by  the  presence 
of  large  surplus  stocks,  particularly  medium  and  coarse  crossbreds, 
has  been  noted.  It  would  be  unfair  however,  to  attribute  wholly 
to  the  world's  surplus  the  general  decline  in  wool  prices  after  about 
April  1,  1920.  Financial  stringency  and  curtailed  demand  were  also 
major  factors.  The  curtailed  demand  resulted,  in  part,  directly 
from  financial  stringency,  and  in  part,  indirectly,  through  industrial 
stagnation  and  unemployment,  and  the  general  necessity  for  a  return 
to  normal  in  all  industrial  activities.  To  these  dej)ressing  factors 
was  added  the  wool  surplus. 

Financial  stringency  and  lowei"  prices  iiad  been  anticipated  by 
conservative  bankers,'"  and  !ip|)ear  to  have  first  become  acute  in  the 
Japanese  silk  reeling  industry  about  Alarch  1,  1920.  By  April,  rising 
interest  rates  had  begun  to  affect  the  merchancHsing  of  wool  and  wool 
manufactures  in  both  Europe  and  America,  and  cancellations  of 
orders  previously  placed  at  almost  any  price  were  already  reacliing 
the  mills.  Depreciated  forcMgn  exchanges  had  also  l)egun  to  react 
on  the  wool  trade. 

The  market  for  crossl)red  wools  had  been  j^oor  and  prices  had  been 
tending  downward  fairly  steadily  since  the  fall  of  1919,  but  mei'itios 
had  remained  firm  at  record  prices.  Bv  the  end  of  April,  however, 
th     "  "  ■  •     

me; 

English    bankers    began    an    extensive    curtailment    of    ovei-(hafts, 


he  factors   just  (hscussed  resulted   in  a  sharj)  droi)  in  the  |)rice  of 
lerino  wools  in    England,   the  world  market.'^     Early  in   May   I  lie 


11  Wool  Record  aid  Textile  World,  Feb.  2,  1'922,  p.  .323,  and  Deo.  1,  1921,  p.  1445.  See  also  the  Review 
of  the  River  Plate,  1921,  p.  12a3. 

12  Wool  Record  and  Tnxt.le  World,  Def.  1,  1921,  p.  144."). 

'1  Mallctt,  r.  v.:  Wecklv  Wool  Chart,  Apr.  27,  1922,  p.  1-3.3. 

n  Spprlinir's. Journal,  p.  .33;  Statist,  p.  2K0;  and  Wool  Record  and  Textile  World,  Jan.  19,  1922,  pp. 
174-.5;  M-illett,  .Vnniial  Review,  p.  414. 

i;-  Wool  Record  and  Texlil^  World,  .Ian.  19,  1922,  pp.  174-5;  Mallctt,  .\nniial  Review,  p.  414.  and, 
Weekly  Wool  Chart,  Jan.  12,  1922,  p.  12;  Jan.  19,  pp.  19,  21. 

16  Wool  Record  and  Textile  World,  Apr.  S.  1920,  p.  s(iO;  May  6,  1920,  p.  1116. 

i;  Ibid,  1920,  Apr.  29,  p.  10.")1;  .May  (>,  pp.  lll.")-l(i,  1119;  .May  13,  p.  11K.3;  May  27,  p.  1.30S. 


8 


RECENT   TENDENCIES    IN    THE   WOOL   TRADE. 


which  soon  convinced  the  wool  trade  that  the  existing  period  of  specu- 
lative merchantlising  was  at  an  end."*  As  a  result,  the  wool  market 
continued  to  sag,  and  that  in  the  United  States  responded.'''  Then, 
in  an  effort  to  release  "frozen  credits,"  the  Federal  Reserve  Board 
decided  on  a  policy  of  credit  curtailment  for  nonessential  industries 
which,  though  not  intended  to  affect  the  wool  trade,  for  a  number  of 
reasons  proved  disastrous.-"  American  wool  growers  had  failed  to 
see  the  significance  of  refusal  on  the  part  of  bu^^ers  to  bid  for  their 
medium  and  coarse  clips  during  the  winter  and  spring  of  1920;  it 
was  a  consignment  year  for  virtually  all  domestic  wools  below  half- 
blood  in  grade.  But  when  the  buyers  suddenly  found  themselves 
unable  to  secure  funds  for  the  purchase  of  fine  wools,  and  could  take 
care  only  of  old  customers  on  a  consignment  basis  with  very  small 
advances  against  the  wool,-'  it  became  apparent  that  something 
was  wrong  with  the  wool  trade.  Range  buying  ceased  almost  over- 
night at  the  beginning  of  the  last  week  in  May,  1920.  Quoted  prices 
declined  at  once  and  became  almost  nominal  in  the  American  wool 
markets,  while  prices  in  the  world  market  were  also  unfavorably 
affected  by  the  American  collapse.  Table  5  shows  the  decline  in 
prices  in  London  and  Boston  at  the  beginning  of  the  world  crisis  in 
the  wool  trade.  This  table  is  not  intended  to  compare  prices,  by 
grades,  in  the  United  States  and  England.  It  would  be  extremely 
difficult  to  make  such  comparison  with  any  degree  of  accuracy, 
owing  to  wide  variations  between  given  lots  of  wool.  The  table  is 
presented  to  show  the  concurrent  declines,  hence  English  currency 
is  not  reduced  to  Ajnerican,  since  such  conversion  is  unnecessary  for 
the  purpose  of  the  table.  Discrepancies  in  percentage  of  decline 
may  be  explained  by  the  fact  that  American  prices  had  to  a  con- 
siderable extent  become  nominal  by  early  June,  1920.  Differences 
in  exchange  also  had  some  effect. 

Table  5. — Prices  in  London  and  Boston  at  beginning  of  vjorld  crisis  in  wool  trade. 


Quality. 


80s 
70s 
64s 
60s 
58s 
56s 
50s 
46s 
44s 
40s 
36s 


Clean  cost  of  colonial  wools,a  at  close  of  London 
auctions  (pence  per  pound). 


Superior,  free  wools. 


Top-making  wools. 


Per 


March.  April.    ^^^7    cent  of  March.  April.    '\\f'J~ 
June,   decline.;  •'""®- 


165 
160 
148 
130 
108 
87 
66 
37 
33 
29 
28 


160 
156 

144 
120 
102 
86 
65 
33 
30 
26 
25 


110 
105 
95 
82 
69 
62 
46 
32 
30 
26 
25 


33.3 
34.4 
35.8 
36.9 
36.1 
28.7 
30.3 
13. 5 
10.0 
10.3 
10.7 


150 
142 
130 
115 
95 
75 
60 
34 
31 
27 
26 


150 
140 
118 
100 
88 
72 
55 
31 
28 
24 
23 


105 
92 
80 
70 
62 
54 
38 
30 
28 
24 
23 


Boston  market,  range  wools, f" 
(dollars  per  pound). 


March. I  May. 


[2. 10    !  2. 10 

|l.90    !  1.90 

|l.  35  1. 30 

|l.l75  1.15 

}  . 725  . 625 


.lune. 


1.875 

1.625 
1.175 
.975 
.550 


Per 
ceut  of 
decline. 


10.7 

14.0 
13.0 
17.0 
24.1 


o  Wool  Record  and  Textile  World,  1920,  pp.  1446,  1120,  734. 

b  Scoured  price,  Territory  fine  staple  to  braid.    From  the  Commercial  Bulletin,  Boston. 

^  Wool  Record  and  Textile  World,  Apr.  S,  1920.  p.  860;  May  6,  1920,  pp.  1116-17;  1121,  May  13,  1920,  p. 
1181:  May  27, 1920   pp.  1307-S.:  and  Annual  Wool  Re\ie\v,  Natl.  Assn.  of  Wool  Mfrs.,  1920,  pp.  50,  .57. 

i»  Statement  of  bankers  and  dealers  at  Conference  of  Wool  Growers  and  others  with  the  Federal  Reserve 
Board,  Washington,  June  21,  22,  1920. 

«i  See  report  of  U.  S.  Tariff  Commission  on  The  Wool-Growing  Industry,  pp.  14,  15. 

"  Ibid.,  ch.  11,  for  details  of  range  buj-ing. 


RECENT    TENDENCIES    IN    THE    WOOL    TKADE.  9 

Table  6. — Consumption  n!  the  United  States  of  iroolin  the  grease  and  scoured  and  pulled 
wools  reduced  to  their  grease  equivalents. 

[In  thousands  of  pounds.]  ' 


Month. 

1918 

* 

1919 

1920 

1921 

1922 

January 

65, 107 
6:i,  791 
71,993 
70, 738 
74, 672 
65, 232 
62, 3&3 
63,921 
58,328 
60, 080 
47, 193 
38, 280 

38, 253 
27,303 
34, 380 
45, 669 
52, 413 
55,7.32 
63, 217 
56,007 
60, 266 
69, 230 
60,593 
63, 821 

72, 721 
63, 738 
67,907 
66, 935 
58,589 
46, 578 
37,097 
38,055 
36, 297 
38, 444 
28,096 
24, 372 

29,806 
36, 204 
47, 180 
53,070 
56,929 
59, 593 
53, 076 
58,262 
62, 132 
67, 287 
65, 326 
61,282 

61  191 

February 

63,244 

March . .". 

April 

May 

June 

July 

Augus  t 

September 

October 

Noyember 

December 

Total 

741,718 

626,  884 

578,829 

650, 147 

Domestic 

300, 732 
440, 986 

304,651 
322,233 

251, 297 
327, 532 

358,966 
291, 181 

Foreign 

With  the  decline  in  wool  prices,  cancellations  of  orders  previously 
placed  with  the  mills  greatly  increased  in  amount,"  and  mill  con- 
sumption in  the  United  States  decreased  sharply,  averaging  only 
33,546,000  pounds  -^  per  month  during  the  eight  months  beginning 
July  1,  1920,  as  compared  with  60,485,000  pounds  during  tiie  pre- 
ceding eight  months,  and  an  approximate  monthly  pre-war  average 
of  45,000,000  pounds.  The  change  in  British  consumption  is  indi- 
cated by  a  decline  in  total  imports  of  raw  wool  into  the  United  King- 
dom from  287,846  bales  in  June  to  139,000  bales  in  November,  and 
a  decline  in  imports  retained  for  consumption  from  220,929  to 
122,382  bales  during  the  same  interval.-'' 

Table  6,  showing  monthly  consumption  of  raw  wool  in  the  United 
States  during  the  past  four  years,  is  presented  for  its  general  interest 
and  for  convenient  reference.  For  the  same  reasons,  Table  7,  which 
shows  total  imports  of  wool  into  the  United  Kingdom,  as  well  as 
reexports  and  imports  retained  for  consumption,  from  1910  to  1921, 
and  monthly  during  1920,  is  also  presented.  A  detailed  statement  of 
consumption  in  the  United  States,  by  grades  of  domestic  and  foreign 
wools  for  1918  to  1921,  inclusive,  is  shown  in  Ta])los  II,  ])age  37. 
and  in  Table  III,  page  40.  Table  IV,  page  42,  gives  imports  of  wool 
into  the  United  States,  by  classes,  from  1900  to  1921,  inclusive. 

Table  7. — Imports  of  colonial  and  foreign  wools  into  Great  Britain,  reexports  and  im- 
ports retained  for  consumption. 

[In  bales  of  330  pounds.) 


Year. 


Imports.    I  Reexports.    Retuined. 


1921. 
1920. 
1919. 
1918. 
1917. 
1916. 
1915. 
1914. 


1912. 
1911. 
1910. 


•  2, 

•  I  2, 

•  3, 
■  '     I, 

1, 
-  1, 
•I  2, 
.'  2, 
.   2, 

2. 
.1  2, 
.'  2, 


■.>m,  193 

6)8.908 
1.58,78.0 
2;-.2.  787 
895,  .'<-12 
877, 227 
807,212 
1.W.I49 
420,  (X)2 
44.%  017 
407.620 
419,016 


1.012.197 
66.-),  344 
.V)6,2.')n 
61,9.38 
87,609 
137,492 
372.  .'2.5 
894. 178 
92.H.  728 

l,02:i,2.-.S 
921.842 

1.014,(170 


"  See  report  of  U.  S.  Tariff  Commission  on  The  Wool-Growiiic  Iiidu.strv,  1921,  pp.  14, 15. 
"  Consu/ni)tion  of  gr^'ase  wool  and  g.-case  c(;uiyalent  of  scoured  and  pulied. 
2<  Wool  Record  and  Textile  World,  .\pr.  14.  1921,  |).  10.35. 


1.293,996 
1. 98.3,  .-.64 
2, 6.52.  .OS.'} 
1,  190.819 
I.. SOS.  113 
1,7.39,73.') 
2,4.34.687 
1, 20.';,  271 
1,497.274 
I.421.7.''>9 
!,4.s.'->.778 
1,405,846 


10 


RECENT   TENDENCIES   IN   THE   WOOL  TRADE. 


Table  7. — Imports  of  colonial  and  foreign  wools  into  Great  Britain,  reexports  and  im- 
ports retained  for  consumption — Continued. 
•  [In  bale.s  of  330  poiind<;.] 


Year. 

• 

Imports. 

Reexports. 

Retained. 

1920- 

•Vpril 

202,874 
287.620 
287, 846 
263,300 
245, 044 
205, 462 
215, 145 
139,000 
190,313 
209,92.3 
216,687 
149, 148 

57,947 
67, 305 
66,917 
34, 328 
22,  .596 
28,033 
.5.3, 106 
16,618 
37,  763 
6, 4.30 
70,836 
81,003 

144,027 

Mav 

220,315 

220,929 

July 

228,972 

222,448 

.September 

177,492 
162.039 

November 

122,382 
1.52,  .5.50 

203,493 

145,861 

-March 

68. 145 

CHANGES  IN  NORMAL  PRICE  RELATIONS  BETWEEN  GRADES  OF  WOOL. 

Post-war  inflation  and  concentration  of  demand  for  merino  as 
contrasted  with  crossbred  wools,  in  connection  with  the  world  sur- 
plus, have  profoundly  affected  the  normal  price  relation  between 
tlifferent  grades  of  wool. 

In  pre-war  years  merino  wools  in  the  grease  usually  sold  for  a 
little  less  than  crossbreds;  in  the  scoured  condition  they  brought 
considerably  more.  During  the  war  the  extreme  demand  for  cross- 
bred wools  for  military  purposes  raised  the  price  of  such  wools  as 
compared  with  merinos.  After  the  armistice  all  wools  declined 
slightly  for  a  time;  then  medium  and  coarse  wools  returned  to  almost 
wartime  levels,  which  they  maintained  until  the  fall  of  1919,  while 
the  price  of  fine  wools  averaged  considerably  above  the  war  level 
until  the  spring  of  1920.  After  the  wool  market  broke  in  1920  all 
prices  declined,  medium  and  coarse  wools  declining  faster  than 
merinos,  since  the  mills  continued  to  use  the  latter  in  preference  to 
crossbreds.  The  already  abnormal  spread  between  fine  and  coarser 
grades  which  prevailed  in  the  spring  of  1920  thus  widened  still  fur- 
ther. Table  S  shows  the  pre-war  spread  (October  to  December,  1909 
to  1915,  inclusive)  between  grades  on  the  Boston  market,  and  the 
spread  which  prevailed  in  October,  1919,  before  the  price  of  medium 
wools  had  greatly  declined.  It  will  be  seen  from  this  tabulation 
that,  prior  to  the  war,  the  price  of  fine  territory  staple  averaged  18 
per  cent  higher  than  medium  staple,  i.  e.,  a  combination  of  grades 
ranging  from  about  half-blood  to  quarter-blood  combing.  In  Jan- 
uary of  1919  this  spread  had  already  widened  to  22  per  cent,"  and 
b}'  October  it  had  increased  to  40  per  cent. 

Table  8. — Prices  "^  of  standard  grades  of  icool — Pre-war  and  1919  average. 
[Ciuts  psr  pDund.fc] 


Grade. 


Territory: 

Fine  staple 

Fine  cl  )thing 

Medium  staple... 
Medium  cl  ".thing. 


Grea.sie  ba.sis. 


Scoured  basis. 


1909-19151      1919        1909-1915;       1919 


22 
19J 
23^ 
20 


64^ 
54i 
54 
45i 


64i 
58f 
59i 
52J 


190 
155 
135 
120 


a  Approximate. 

b  See  report  of  U.  S.  TarilT  Commission  on  The  Wool-Growing  Industry,  1921,  pp.  225,  226. 

'-■  .\s  shown  by  Government  issue  prices  for  Jan.  4,  1919.    These  issue  prices  showii  in  Table  V,  p.  43. 


RECENT   TENDENCIES   IN    THE    WOOL    TEADE. 


11 


Table  9  shows  the  changes  in  Boston  prices  during  1920  and  1921. 
It  will  be  noted  that  by  April  1,  1920,  territory  three-eighths  blood 
and  cjiiarter-blood  combing  had  fallen  to  an  average  of  $1.22  per 
scoured  pound,  while  fine  territory  staple  had  risen  to  S2.10  per 
pound,  or  72  per  cent  higher.  By  October  1 ,  1920,  quotations  on  three- 
eighths  and  quarter-blood  combing  had  become  largely  nominal,  but 
had  fallen  to  an  average  of  77.5  cents;  fine  staple  to  Si.375,  or  80  per 
cent  higher.  Three  months  later  these  two  lower  grades  averaged  only 
47.5  cents,  and  the  fine  staple  only  82.5  cents  per  pound,  but  the  latter 
remained  about  80  per  cent  higher.  The  differential  in  favor  of  fine 
staple  widened  between  January  1  and  April  1,  1921,  being  nearly  90 
per  cent  at  the  latter  date;  thereafter  it  gradually  narrowed  as  the 
heavy  importations  of  wool  in  anticipation  of  the  emergency  tariff 
were  used  up,  and  manufacturers  had  to  draw  more  heavily  on  the 
medium  grades  as  stocks  of  fine  wools  were  depleted.  By  January, 
1922,  the  differential  in  favor  of  fine  staple  had  narrowed  to  60  per 
3ent. 

Table  9. — Wholesale  price  per  pound,  domestic  wools,^  Boston. 


Grade. 


Territory  (scoured): 

Fine  staple 

Half-blood 

Three-eighths  blood 

Quarter  blood 

Common  and  braid 

Fine  clothing 

Fine  medium  clothing... 

Fine  and  fine  medium 

clothing 

Ohio  and  Pennsylvania 
(grease): 

Delaine 

Half  blood 

Three-eighths  blood 

Quarter  blood 

Common  and  braid 

Fine  clothing 

Half-blood  clothing 

'i  and  i  blood  clothing. . . 

i,  i,  and  J  blood  clothing. 
Michigan  and  New  York 
(grease): 

Delaine 

Half  blood 

Three-eighths  blood 

Quarter  blood 

Common  and  braid 

Fine  clothing 

J  blood  clothing 

I  and  i  blood  clothing... 

i,  J,  and  i  blood  clothing. 


1920 


Janu- 
ary. 


April. 


$2.00 
1.S25 
1.35 
1. 125 
.725 
1.725 
1.625 


$2.10 
1.90 
1.30 
1.15 
.625 
1.80 
1.70 


.93 

.85 

.70 

.66 

.415 

.71 


.885 

.81 

.685 

.66 

.415 

.675 


.  985 

.84 

.695 

.665 

.29 

.75 


.995 

.81 

.675 

.65 

.29 

.715 


July. 


$1.70 
L.'M 
1.025 
.875 
.55 
1.50 
1.475 


.71 
.69 
..■)4 
.49 
.29 
.61 


.68 

.675 

.5,35 

.49 

.29 

.59 


.50 


Octo- 
ber. 


$1. 375 
1.  225 
.  875 
.675 
.55 
1.  225 
1.025 


.625 
.  575 
.44 
.  405 
.29 
.545 


.60 
.56 

.'46.5' 

.29 

.51 


Janu- 
ary. 


.825 
.675 
.525 
.425 
.19 


.465 

.,34 

.275 

.255 

.135 

.305 

.  255 

.235 

.245 


.445 

.33 

.265 

.245 

.  125 

.295 


.40 


April. 


$0.90 
.725 
.,540 
.4.35 
.19 


.675 


.39 

.33 

.295 

.28 

.145 

.325 

.255 

.235 

.245 


.37 

.315 

.285 

.27 

.1.35 

.305 


.24 


July. 


.355 

.30 

.265 

.255 

.16 

.275 

.255 

.235 

.245 


.32 
.29 
.26 

.25 
.16 
.285 


Octo- 
ber. 


$0.83 
.70 
.  525 
.40 
.  215 


.345 
.  295 
.265 
.242 
.1,55 
.285 
.245 
.215 
.23 


.32 

.285 

.26 

.2.37 

.  1,55 

.265 


.22 


1922, 
Janu- 
ary. 


$0.91 
.795 
.60 
.515 
.315 


.72 


.  405 

.36,> 

.34 

.315 

.195 

.335 

.295 

.255 

.275 


.385 
.  345. 
.  325 
.  315 
.195 
.295 
.265- 
.  2,35- 
1.25 


'  From  the  Commercial  Bulletin,  Boston,  for  date  Tieare.st  to  first  day  in  specified  months.  Territory 
prices  are  per  scoured  pound.  Other  wools  are  quoted  per  grease  pound.  For  prices  by  months,  1919-1922, 
see  Table  Vf,  p.  13. 

2  Averaged  from  i  and  jj  and  i  blood  clothing. 

In  the  world  market  the  dislocation  of  normal  relation  l)clweon 
values  was  ecjually  pronounced.  In  July,  1914,  when  a  change  in 
fashions  brought  about  an  increased  demand  for  merinos,  04/70s 
fleeces  averaged  31.25  pence  per  clean  pound  in  London;  cro.ssbreds 
of  46s  to  50/56s  quality,  i.  e.,  American  ([uarter  to  three-eighths- 
blood,  averaged  19.5  pence,  a  differential  in  favor  of  the  merinos  of 

1092G9— 22 3 


12 


RECENT   TETTDENCIES  IN   THE   WOOL  TRADE. 


37  per  cent.  By  April  15,  1921,  these  crossbreds  averaged  only  15 
pence  per  pound  as  compared  with  36.5  pence  for  the  merinos,  which 
therefore  were  140  per  cent  higher.  By  the  middle  of  January, 
1922,  London  prices  had  improved,  and  the  crossbreds  referred  to 
averaged  19.5  pence,  or  the  July,  1914,  price.  Merinos,  however, 
had  risen  still  more,  averaging  50  pence  ])er  pound,  or  over  150  per 
cent  higher.  This  increase  in  the  London  differential  is  especially 
significant  when  compared  with  the  decrease  in  the  Boston  (hfterential 
for  January,  1922 — i.  e.  to  60  per  cent.  Table  10  shows  the  course 
of  prices  in  the  world  market  for  July,  1914,  and  during  1921.  Table 
VII,  ])age  47,  shows  changes  in  the  world  market  since  1900.  Table 
V,  page  43,  shows  Government  issue  prices  on  January  4,  1919,  and 
Table  VI,  page  43,  gives  Boston  market  quotations  at  or  about 
the  first  of  each  month  for  1919  to  1922  to  date. 

Table  10. — Wool  values  at  the  London  sales  ^ — First  cost,  clean,  without  oil,  London 

{price  per  pound). 


Description. 


July, 
1914. 


1921-22 


Mar. 
5. 


Apr. 
15. 


May 
12. 


June 
18. 


July 
28. 


Sept. 
15. 


Combing. 

70's  super  fleeces 

64/67 's  good  mediiun  fleeces. 
60/64 's  good  medium  fleeces. 

64's  good  pieces 

60 "s  good  pieces 

58/60's  good  medium  fleeces. 

56's  fine  crossbred  fleeces 

50/56's  fine  crossbred  fleeces. 

46/50\s  crossbred  fleeces 

46's  crossbred  fleeces 

44 's  crossbred  fleeces 

36/40's  crossbred  fleeces 

Capes. 

10/12  month's  combing. 


6/7  months'  good  clothing 

Carbonizing. 

60/64's  good  pieces 

60/64's  pieces  and  bellies 

60's  average  locks 

64's  average  lambs 


32 
304 
30"  I 

28  1 
27 

29  : 
26 
23i 
18 

17  1 
16  I 
15i 


51 
39 
30 
33 
24 
30 
24 
17 
14 

2  12 

(=) 

(3) 


32^ 
22 


f3) 


2  32 
2  22 


42 
36 
30 
34i 
27 
30 
24 
18 
15 
13 
II 
9 


36 


Description. 


Combing. 

70's  super  fleeces 

64/67's  good  medium  fleeces. 
60/64's  good  medium  fleeces. 

64's  good  pieces • 

60's  good  pieces 

58/60's  good  medium  fleeces. 
56's  fine  crossbred  fleeces . . . , 
50/56's  fine  crossbred  fleeces . 
46/50's  crossbred  fleeces. . . . , 

46's  crossbred  fleeces , 

44's  crossbred  fleeces 

36/40's  crossbred  fleeces .... 

Copes. 

10/12  months'  combing 

6/7  months'  good  clothing . . 

Carbonizing. 

50/64's  good  pieces , 

60/64's  pieces  and  bellies . . . . 

BO's  average  locks 

&4's  average  lambs 


1921-22 


Oct. 
15. 


53 
45 
39 
41 
34 
34 
24 
22 
15 
12 
3  10 

38 


Oct. 
29. 


Nov. 

Dec. 

25. 

8. 

46i^ 

47J 

41J 

42 

36 

36 

35 

36 

32 

32 

31 

31 

22 

23 

20 

20 

14 

15 

11 

12 

9 

10 

Jan. 
12. 


33 

30 

2  24 

2  27 


8* 


»35 
2  24 


53J 

46i 

42 

43 

36 

36 

26 

22 

17 

13 

12 

10 


Feb. 

Mar. 

2. 

10. 

53 

.57i 

47 

46i 

41 

41 

43 

40 

37 

37 

37 

37 

26 

25 

22 

22 

16 

17 

12 

13 

10 

11 

9 

9 

37A 

39 

30 

30 

34 

33 

30 

30 

26 

25 

30 

31 

May 
19. 


1  From  the  Wool  Record  and  Textile  World,  Bradford,  England.         2  Nominal.         3  Unsalable. 


rece:n^t  texdexcies  ix  the  wool  trade.  13 

THE  CASE  FOR  AND  AGAINST  A  SPECIFIC  DUTY  PER  GREASE  AND  PER 
SCOURED  (CLEAN)  POUND. 

The  dislocation  of  normal  price  spreads  between  different  grades  of 
wool,  described  in  foregoing  pages,  has  caused  considerable'disturb- 
ance  in  the  normal  relation  between  equalizing  duties  proposed  for 
raw  wool  and  the  value  of  imported  wools,  i.  e.,  it  has  affected  the 
normal  ad  valorem  equivalent  of  the  proposed  duties  on  raw  wool. 
It  is  this  effect  which  appears  to  be  responsible  for  differences  of 
opinion  concerning  the  basis  of  levying  the  duties  proposed  to  offset 
advantages  possessed  by  foreign  wool  growers. 

Three  oases  for  levymg  these  wool  duties  have  been  proposed.  One 
is  a  straight  ad  valorem  duty  on  raw  wool  and  its  derivatives.  At  ffrst 
glance  the  theory  of  such  duties  seems  logical,  but  in  practice  serious 
difficulties  arise.  Thus  an  ad  valorem  duty  should  normally,  on  many 
commodities,  adjust  the  protective  feature  fau'ly  well,  since  high  or 
low  price  levels  would  be  attended  in  the  long  run  by  high  or  low  costs, 
with  corresponding  need  of  protection.  But  variations  of  special  com- 
modities or  groups  of  commodities  from  the  general  level,  and  sudden 
general  changes,  particularly  downward,  are  inadequately  met  b}^  ad 
valorem  duties.  This  is  especially  true  in  the  case  of  agricultural 
products,  where  there  is  not  a  close  connection  between  market  prices 
and  costs  of  production.  A  specific  minimum  duty  to  provide  for 
such  variations  would  in  some  measure  meet  this  objection  so  far  as 
the  protective  principle  is  concerned.  But  in  so  variable  a  commod- 
ity as  wool,  or  manufactures  of  wool,  difficulties  arise  which  make  ad 
valorem  duties  undesirable.  The  former  Tariff"  Board  made  an  ex- 
haustive study  of  the  applicability  of  such  duties  to  raw  wool. 

Because  of  wide  variations  in  prices  of  apparently  similar  qualities 
in  the  same  foreign  markets,  and  variations  betwec^n  different  forcrign 
markets,  as  well  as  price  variations  between  ranch  and  country  points 
and  market  centers,  both  in  the  same  year  and  from  year  to  year,  the 
board  concluded  that  such  duties  would  be  extremely  difficult  to  apply 
to  raw  wool.-"  If  such  duties  were  applied  to  the  American  valuation 
of  foreign  wools  these  difficulties  would  j)r()bably  be  somewhat  mini- 
mized, but  a  further  objection  remains.  This  concerns  the  compensa- 
tory duties  needed  to  offset  the  increased  cost  of  raw  wool  to  domestic 
manufacturers.'^  Variations  in  wool  prices,  already  referred  to,  seri- 
ously affect  the  ratio  of  raw  material  to  conversion  cost,  since  an}'- 
given  ratio  fluctuates  considerably  as  wool  prices  change.  Then,  too, 
in  any  given  year  the  same  grade  of  wool  may,  and  does,  enter  into 
difl'erent  falu'ics  in  which  the  ratio  of  raw  material  to  conversion  costs 
varies  widely.  In  addition,  the  ratio  of  raw  material  to  vahu^  of  dif- 
ferent fabrics  has  in  some  cases  varied  from  as  low  as  ."JO  per  cent  to 
as  high  as  70  per  cent,  with  corres])()nding  variations  in  convei'sion 
cost  of  from  30  per  cent  to  70  pvv  c(Uit  of  cost  of  finished  goods.  A 
compensatory  duty  based  on  the  mean  of  these  material  costs  would 
be  incorrect  for  the  extreme.  For  all  these  reasons  ad  valorem  duti(^s 
have  not  for  many  years  been  given  serious  consitleration  in  framing 
tariff  duties  on  raw  wools. 

"  See  Report  of  the  Tariff  Board  on  Schedule  K,  1912,  pp.  392-394,  and  report  of  the  United  States  TarlfT 
Commissioii  on  The  VVool-Urowing  Industry,.  1921,  p.  ■lo.l. 
2'  See  Seniile  Hearings,  ComuiiUee  on  Finance,  1922,  Schedule  U,  ]).  3.")39. 


14  RECENT   TENDENCIES  IN   THE   WOOL  TRADE. 

The  second  basis  proposed  for  the  levy  of  wool  duties  is  a  spe- 
cific rate  per  pound  of  wool  in  the  o;rease.  The  third  is  a  specific 
duty  per  pound  of  clean  content  of  imported  wools.  It  is  the  last 
two  tliat  have  received  most  serious  consideration,  and  it  is  pri- 
marily concerning  the  last  two  that  differences  of  opinion  have 
arisen. 

Prior  to  1883  the  duty  on  wool  was  usually  on  a  compound  specific- 
ad  valorem  basis,  lieginning  in  1883  a  flat  specific  duty  per  grease 
pound  was  used,  and  except  in  the  case  of  carpet  wool  under  the 
act  of  1890.^**  was  continued  until  1913.  The  specific  grease  pound 
basis  has  been  sharply  criticized  on  the  ground  that,  among  other 
defects,  it  severely  penalized  importations  of  heavy  shrinking  wools 
as  compared  with  light  shrinking  fiber.  Thus  a  duty  of  11  cents 
per  pound  on  wool  shrinking  only  33.^  per  cent  was  equivalent  to  a 
duty  of  16.5  cents  per  pound  of  clean  content,  while  on  wool  shrink- 
ing 66§  per  cent  the  equivalent  duty  per  pound  of  clean  content 
was  33  cents.  This  inequality,  it  was  urged,  bore  much  more  heavily 
on  the  woolen  branch  of  the  industry  than  on  the  worsted.-*  In 
practice,  in  order  to  secure  the  largest  possible  amount  of  clean 
wool  for  every  dollar  of  duty  paid  on  imports  in  the  grease,  American 
buj^ers  bought  only  tlie  lighter  shrinking  foreign  wools.  Such 
wools  had  their  shrinkage  further  reduced  by  removal  of  belly, 
neck,  britch,  and  leg  wool,  and  the  dirtier  portions  along  the  lower 

Eart  of  the  flanks.  Then,  too,  this  "skirting"  was  often  more 
eavily  done  in  the  case  of  wools  suitable  for  the  American  trade, 
or  bought  for  shipment  to  America.^"  Woolgrowers  have  severely 
criticized  the  specific  grease  pound  duty  for  the  foregoing  reasons. 
Because  of  the  preponderance  of  light  shrinking  wools  in  imports 
of  fiber  suitable  lor  the  manufacture  of  clothing,  they  have  also  criti- 
cized this  duty  on  the  ground  that,  througfi  the  importation  of 
virtually  nothing  but  light  shrinking  wools,  the  apparent  protection 
given  the  domestic  growers  was  greatly  reduced.^^  The  Tariff  Board 
found  that  the  grease  pound  duty  of  11  cents  on  wools  actually 
imported  was  equivalent  to  a  duty  of  only  18  cents  per  pound  of 
clean  content.^^  The  increase  in  price  per  grease  pound  of  domestic 
wools,  owing  to  the  duty  of  11  cents  per  grease  pound  under  the 
acts  of  1890,  1897,  and  1909,  lias  been  estimated  at  approximately 
8  cents.  In  any  case,  since  the  average  shrinkage  of  domestic 
wools  is  about  59  per  cent  (i.  e.  100  pounds  in  the  grease  gives  about 
41  pounds  of  clean  scoured  wool)  the  figures  of  the  Tariff  Board 
indicated  an  effective  protection  on  domestic  wools  of  onl}^  7.38 
cents  per  pound  instead  of  the  apparent  protection  of  11  cents. 

A  specific  duty  per  clean  pound  meets  the  objections  to  a  specific 
duty  per  grease  pound,  which  permits  imports  of  heavy  shrinking 
wools  only  at  a  very  high  duty  per  pound  of  clean  content.  With 
a  specific  duty  per  clean  pound,  all  wools,  wherever  grown  and  what- 
ever their  slu'uikage,  are  on  an  equal  footing  with  reference  to  the 

28  See  A  Brief  History  of  the  Sheep  Industry  in  the  United  States,  Annual  Report  of  Am.  Hist.  Assn., 
1918,  table  of  tariff  rates,  p.  192.  Sec  also  Report  of  U.  S.  Tariff  Commission  on  The  Wool-Growing  In- 
dustry, 1921,  p.  417  fl. 

M  Itiiii.,  p.  432:  also  Tariff  Hearings,  1896-9",  yol.  2,  p.  1609. 

30  Sec  report  of  Tariff  Board  on  Schedule  K,  1912,  pp.  381-391.  See  also  reports  of  U.  S.  Tariff  Commis- 
sion oil  The  Wool-Growing  Industry,  1921,  p.  432  ff,  p.  151  ff,  and  on  Sheep  and  Wool  Production  in 
Argentina,  1922,  p.  27. 

M  See  report  of  U .  S.  Tariff  Commission  on  The  Wool-Growing  Industry,  1921,  p.  452,  and  report  of 
Tariff  Board  on  Schedule  K,  1912,  pp.  382,  384. 

32  Report  of  Tariff  Board  on  Schedule  K,  1912,  p.  382  fl. 


RECENT  TENDENCIES   IN   THE   WOOL   TRADE.  15 

duty  on  wool  in  the  condition  as  used  by  the  mills.  That  is,  the 
wool  supplies  of  the  world  are  open  for  selection  by  American  buyers, 
and  whatever  the  shrinkage,  the  duty  is  based  only  on  the  clean 
content  of  the  wool,  and  not  on  the  grease  and  dirt  m  addition  to 
the  clean  content,  as  with  specific  grease  pound  duties.  Such  a 
duty,  of  course,  shows  a  varying  ad  valorem  equivalent  on  the 
clean  value  of  different  grades  of  wool,  but  on  a  normal  market 
this  variation,  as  will  be  shown  later,  is  much  narrower  than  that 
of  the  equivalent  clean  content  duty  of  specific  grease  pound  duties. 
A  specific  duty  per  scoured  pound  also  meets  the  approval  of  wool- 
growers  in  that  it  protects  them  approximately  to  the  full  extent 
of  the  duty  written  m  the  bill.  The  Tariff"  Board  after  an  exhaus- 
tive investigation  of  the  different  bases  for  levymg  a  duty  on  raw 
wool,  said:  -'^ 

A  full  consideration  of  the  above  facts  would  seem  to  indicate  that  some  method 
of  assessing  a  specific  rate  on  the  clean  content  would  remedy  most  of  the  primary 
faults  of  Schedule  K;  that  it  would  best  safeguard  the  important  revenues  derived 
by  the  Government  from  wool  duties;  that  it  would  insure  greater  stability  in  the 
industries  directly  concerned  than  any  other  system. 

The  Tariff  Commission  also  investigated  this  matter  and  likewise 
decided  jo.  favor  of  a  specific  duty  per  scoured  pound.  ■*     The  Na- 


ti(yiwiTZt'^^mKu&ft  Jid  Wool  Mt'mufaeturers   also  favored  a  specific 
duty  per  clean  pound  in  1913.  '" 

CONNECTION   BETWEEN  TEMPORARY  ABNORMALITIES  IN  THE  WOOL 
MARKET  AND  PROPOSED  BASES  FOR  LEVYING  A  DUTY  ON  WOOL. 

As  would  be  expected  of  any  specific  duty  on  a  commodity  as 
variable  as  wool,  a  specific  duty  per  clean  pound  has  an  inherent 
weakness,  just  as  has  a  specific  duty  per  grease  pound.  The  fault 
in  a  specific  clean  content  or  scoured  content  duty  lies  in  the  fact 
that  its  ad  valorem  equivalent  bears  somewhat  more  heavily  on 
light  shrinking  wools  than  on  heavy  shrinking  fiber,  i.  e.,  the  duty 
in  the  case  of  coarse  wools  forms  a  larger  part  of  the  cost  per  clean 
pound.  This  is  true  to  some  extent  on  a  normal  market,  though, 
as  will  be  shown  later,  it  would  then  seem  to  be  of  relatively  small 
importance.  However,  the  range  in  ad  valorem  was  especially 
wide  on  the  abnormal  wool  market  which  prevailed  during  the  sum- 
mer of  1921.  This  resulted  from  the  dislocation  in  normal  ])rice 
variations  between  different  grades  of  wool.  Coarse  wools  were 
selluif^  so  low  when  compared  with  fine,  that  any  of  the  proposed 
specific  duties  showed  wide  variations  in  ad  valorcMU  eouivalent. 
The  foreign  price  of  some  coarse  wools  was  sometimes  less  than 
half  as  much  per  clean  pound  as  the  amount  of  the  duty  pr()|)()sed. 

The  Tariff  Commission  took  cognizance  of  the  excessive  ad  valorem 
equivalent  of  proposed  specific  clean  content  duties  in  the  case  of 
coarse  wools,  and  recognized  the  desirability  of  minimizing  it.  At 
the  same  time,  however,  the  commission  pointed  out  that  existing 
abnormal  price  spreads  between  different  grades  of  wool  were  only 
temporary.  It  further  stated  that,  since  existing  conditions  were 
only  temporary,  "the  examination  of  the  effect  of  a  specific  scoured 
pound  duty  should  be  based  on  pre-war  prices  in  oruer  to  obtain  a 

"  Report  of  the  Tariff  Board  on  Schedule  K,  1912,  p.  398. 

»<  Report  of  the  U.  S.  Tariff  Commission  on  The  Wool-Growing  Industry,  1921,  p.  458. 

''-  Tariff  Hearings,  Ways  and  Means  Com.  of  the  House  of  Rep.,  1913,  vol.  4,  p.  4219. 


16 


RECENT   TENDENCIES   IN   THE   WOOL   TRADE. 


fair  basis  for  comparing  the  effect  of  such  a  duty  on  wools  of  varying 
shrinkages  and  vakies. "  ^'^ 

The  pending  tariff  bill  was  being  considered  during  a  period  of 
abnormal  wool  values  and  price  spreads  between  grades.  Those 
opposed  to  a  specific  clean  content  duty  were  greatly  concerned  over 
the  possible  effect  of  such  a  duty  on  certain  grades  of  wool.  When 
the  bill  H.  R.  7456  was  under  consideration  by  the  Committee  on 
Ways  and  Means,  the  following  tabulation  was  therefore  presented 
to  show  the  ad  valorem  equivalent  of  different  duties  on  the  clean 
cost  of  different  grades  of  foreign  wool.  At  that  time  the  world 
market  was  beginning  to  rebound  after  its  prolonged  decline,  but  in 
the  case  of  coarse  wools  prices  were  at  almost  the  lowest  point.  It 
will  be  seen  that,  on  the  basis  of  foreign  valuation  at  port  of  ship- 
ment, there  was  a  very  wide  range  in  the  ad  valorem  equivalent  of 
both  the  grease  pound  and  the  scoured  pound  duties  proposed  at  that 
time  and  later  written  into  the  bill. 

Table  11. — Ad  valorem  equivalent  of  specific  grease  pound  and  scoured  pound  wool 
duties  on  clean  value  of  foreign  icools,  based  on  foreign  valuations  as  of  June  8,  1921.^ 


Grade. 

Shrink- 
age. 

Yield. 

Foreign  price  per 
pound. 

Scoured 
pound 
equiv- 
alent of 
specific 
grease 
pound 
duty  of 
11  cents. 

Ad  valorem  equiv- 
alent   on    foreign 
value    per    clean 
pound,      specific 
duties. 

Grease. 

Scoured. 

Grease 
pound, 

11  cents. 

Scoured 
pound, 
25  cents. 

1 

2 

3 

Per  cent. 
2.5 
40 

50 
55 

4 

5 

6 

7 

8 

Merinos: 

Per  cent. 

75 
60 

.50 
45 

Cents. 
10.5 
17.0 

28. 5 
35.0 

Cents. 
42.0 
42.4 

57.0 
63.6 

Cents. 
44.0 
27.5 

22.0 
20.0 

Per  cent. 
104.8 
64.7 

38.6 
31.4 

Per  cent. 
59.5 

5.8.8 

Australian— 

61s                 .... 

43.9 

70s 

39.3 

Variation  in  points . . 

73.4 

20.2 

Crossbred: 

South  American— 

50s 

35 
31 
26 

30 
28 
25 

65 
69 
74 

70 
72 
75 

15.0 
11.5 
9.5 

22.0 
18.0 
10.0 

23.1 
16.7 
12.8 

31.4 
25.0 
13.3 

16.9 
15.9 
14.9 

15.7 
15.3 
14.7 

73.3 
95.  7 
116.4 

50.0 
61.1 
110.0 

108.3 

46s 

150.0 

36/40S 

195. 3 

New  Zealand — 

50s 

79.5 

46s 

100.0 

.■^6/40s 

187.5 

Variation  in  points. . 

66.4 

108.0 



1  Data  supplied  by  the  Nat.  Assn.  of  Wool  Mfrs. 

It  vdW  be  noted  that  the  equivalent  scoured  pound  duty  of  the  1 1 
cent  levy  per  grease  pound  (column  7  of  Table  11)  gave  a  much 
wider  range  in  ad  valorem  equivalent  on  merino  wools  than  the  25 
cent  clean  content  duty  (column  8).  This  illustrates  the  inherent 
weakness  of  a  specific  grease-pound  duty  in  eliminating  from  availa- 
ble supplies  the  heavy  shrinking  foreign  wools.  In  the  case  of  cross- 
breds,  o\Aang  to  depressed  wool  prices,  the  range  in  ad  valorem  equiv- 
alent of  the  specific  grease-pound  duty  was  much  narrower  than  is 
indicated  in  column  8. 

This  increase  in  the  ad  valorem  equivalent  of  the  clean  content 
duty  on  crossbreds,  and  the  greater  variation  in  this  ad  valorem 

35  See  report  of  U.  S.  Tariff  Commission  on  The  Wool-Growing  Industry,  1921,  pp.  26,  457. 


EECENT  TENDENCIES   IN   THE   WOOL   TRADE. 


17 


equivalent,  seemed  to  call  for  some  means  of  minimizing  the  appar- 
ent burden  on  coarse  wools.  The  means  suggested  were:  (1)  An 
ad  valorem  percentage  limitation;  (2)  a  limitation  on  the  equivalent 
grease  wool  duty  of  the  above  clean-content  duty;  (3)  a  step  rate  in 
the  clean-content  duty  to  give  a  lower  lev}-  on  wools  shrinking  more 
than  25  per  cent  but  less  than  40  per  cent  and  a  further  curtailment 
in  the  case  of  wools  shrinking  less  than  25  per  cent;  and  (4)  a  limi- 
tation of  the  clean-content  duty  in  the  case  of  wools  below  domestic 
half-blood  in  grade.  The  first  of  these  was  finally  adopted  by  the 
House,  with  the  ad  valorem  limitation  fixed  at  35  per  cent. 

The  world  wool  market  improved  fairly  steadily,  however,  after 
June,  1921.  Table  12  gives  data^^  similar  to  that  in  Table  11,  but 
for  the  date  of  March  4,  1922.  In  the  case^f  merino  wool  the  ad 
valorem  equivalent  of  the  11  cent  grease-pound  duty  (column  8, 
Table  12)  still  shows  a  much  wider  range  than  the  25  cent  clean-con- 
tent duty  (column  10).  In  the  case  of  crossbreds,  however,  the 
range  in  ad  valorem  equivalents  in  column  8  is  much  narrower  than 
that  of  the  25  cent  clean-content  duty.  The  extreme  range  on  all 
grades  of  the  11  cent  duty  is  also  considerably  narrower  than  the 
extreme  range  of  the  25  cent  clean-content  duty.  It  is  evident  from 
the  foregoing  change  in  ad  valorem  equivalents  of  corresponding 
rates,  as  shown  in  Tables  11  and  12,  that  the  temporary  depression 
in  price  of  crossbred  wools  was  being  steadily  corrected  as  the 
world  wool  market  returned  to  normal. 

By  March  4,  1922,  the  specific  duty  per  clean  pound  had  been  ten- 
tatively fixed  at  33  cents,  although  there  had  been  some  suggestion 
of  a  specific  grease-pound  duty  of  15  cents  per  pound.  It  happened 
that  on  March  4,  the  ad  valorem  equivalent  of  the  33  cent  duty  per 
clean  pound  (column  11  in  Table  12)  shows  nearly  as  wide  a  range 
as  had  the  25  cent  duty  8  months  before  (column  8  of  Table  11). 
In  other  words,  the  wool  market  had  improved  to  that  extent  during 
the  intervening  months. 

Table  12. — Ad  valorem  equivalent  on  value  per  dean  pound  of  specific  grease  pound 
and  scoured  pound  wool  duties,  based  on  foreign  valuations  as  of  March  4, 1922  fi 


Grade. 

Shrink- 
age. 

Yield. 

Foreign  price  per 
pound. 

Grease. 

Scoured. 

1 

2 

3 

4 

5 

Merinos: 

Patagonia...       .                              

Per  cent. 
75 
63 

50 
45 

Per  cent. 
25 
37 

50 
55 

Cents. 
17.8 
27. 5 

46.  0 
54.0 

Cents. 
71.2 

74.3 

Australian — 

64s 

70s 

92.0 
98.2 

Crossbred: 

South  American— 

50s .     ...              

29 
25 
24 

30 
2S 
25 

71 

76 

70 
72 
75 

25. 0 
20.  0 
10.  0 

28.0 
17.5 
13.5 

.35. 2 

46s 

26.  7 

36/40S 

New  Zealand — 

oOs . .             

21.1 
■10. 0 

46s                                          

24.  W 

36/40S 

18.0 

a  Data  supplied  by  the  Natl.  Assn.  of  Wool  Mfrs. 

"  Cape  merinos  are  substituted  for  West  Australian  in  Tablf  12,  and  Patagonia  merinos  are  calculalcd 
the  same  shrinkage  basis  as  in  Table  11. 


18  RECENT   TENDENCIES  IN   THE   WOOL  TRADE. 

Table  12. — Ad  valorem  equivalent  on  value  per  clean  pound  of  specific  grease  pound 
and  scoured  pound  uool  duties,  based  on  foreign  valuations  as  of  March  4, 1922^ — 
Continued. 


<i 

Secure 
equiva 

d  pound 
lent     of 

Ad  valorem  equivalent  on  foreign  value 
per  clean   pound    of  specific   duties 
on— 

Grade. 

pound  duty  of— 

The  grease  pound 
of— 

The  scoured  pound 
of— 

11  cents. 

15  cents. 

11  cents.  !  15  cents. 

25  cents. 

33  cents. 

* 

6 

7 

8                9 

10 

11 

Merinos: 

Patagonia 

Cents. 
44.0 

29.7 

22.0 
20.0 

Cents. 
60.0 
40.6 

30.0 
27.3 

Per  cent.  |  Per  cent. 

61.8  :          84.2 
40.0  ,          54.6 

23.9  :          32.6 

20.  4  1          27.  8 

Per  cent. 
3.5.1 
33.7 

27.2 
25.5 

Per  cent. 
46  3 

Cape,  South  African 

44  4 

AustraUau— 

64s 

35.9 

70s 

33.6 

41.4  ]          56.4 

9.6 

12.7 

Crossbred: 

South  .American— 

.50s 

15.5 
14.7 
14.5 

15.7 
15.3 

14.7 

21.1 
20.  0 
19.  S 

21.8 
20.7 
20.0 

44.  0            60. 0 
55. 1  ;          75.  0 
68.  7            93.  8 

39.3            54.5 
63.  0            85. 6 
81.7           111.1 

71.0 

93.6 

118.5 

62.5 
97.2 
138.9 

93.7 

46s 

123  6 

36/40S 

1.56.4 

New  Zealand — 

50s..               

82  5 

46s 

135.8 

36/40S 

183.3 

Variation  in  points 

42.4  j          56.6 

76.4 

100  8 

'  Data  supplied  by  Natl.  Assn.  of  Wool  Mtrs. 

Another  factor  of  importance  in  considering  ad  valorem  equiva- 
lents is  that,  wherever  grown  and  whatever  their  shrinkage  and 
price,  foreign  wools  must  first  be  landed  in  the  United  States  to  be 
available  for  domestic  mills  and  domestic  consumers.  If  a  duty  is 
in  effect,  this  duty  must  be  paid  before  the  wools  can  be  used.  The 
ad  valorem  effect  of  specific  duties  on  clean  cost  of  wools  ready  for 
use  in  the  mills,  i.  e.  on  American  valuation,  w^ould  therefore  seem  to 
be  of  interest.  In  order  to  show  the  ad  valorem  ec{uivalents  on  this 
basis,  Table  13  is  presented.  In  this  table  the  Boston  clean  landed 
■cost  is  figured  for  the  same  w^^ols,  prices,  and  shrinkage  as  shown  in 
Table  12,  on  the  basis  of  shipping  charges  furnished  for  similar  wools 
by  one  of  the  largest  importers  in  Boston.  The  duty  is  added  to  the 
Boston  clean  landed  cost  in  each  case. 


RECEJ^T  TENDENCIES  IN   THE  WOOL   TRADE. 


19 


Table  13. — Ad  valorem  equivalent  on  value  per  clean  pound  of  specific  grease  pound 
and  scoured  pound  wool  duties  based  on  Boston  clean  landed  cost  plus  duty,  as  of  March 
4,  1922.^ 


Grade. 

Shrink- 
age. 

Yield. 

Foreign 
price  per 
pound 
in  the 
grease. 

Boston 
landed 
cost  per 
pound 
in  the 
grease. 

Scom-ed      pound 
equivalent  of  spe- 
cific grease- poujid 
duty  of— 

11  cents. 

15  cents. 

1 

2 

3 

4 

5 

6 

Merino: 

Per  cent. 
75 

50 
45 

Per  cent. 
25 

50 
55 

Cents. 

17.8 

46.0 
54.0 

Cents. 
18.3 

50.0 
58.0 

Cents. 
44.0 

22.0 
20.0 

Cents. 
60.0 

Australian— 

64s                               

30.0 

70s 

27.3 

Variation  in  points 

Crossbreds: 

Soutii  American — 

50s  

20 
25 
24 

30 
28 
25 

71 
75 

76 

70 
72 
75 

25.0 
20.0 
16.0 

28.0 
17.5 
13.5 

25.5 
20.5 
16.5 

32.0 
21.5 
17.5 

15.5 
14.7 
14.5 

1,5.7 
15.3 
14.7 

21.1 

46s                   

20.0 

36/40S 

19.7 

New  Zealand— 

50s 

21.4 

46s 

20.7 

36/40S 

20.0 

Boston  clean  landed  cost  plus  duty 
with— 

Ad  valorem  equivalent  on  Boston 
clean  landed  cost,  plus  duty  with— 

Grade. 

Duty  on  grease 
pound  of— 

Duty  on  scoured 
poimd  of— 

Duty  on  grease 
pound  of — 

Duty  on  scoured 
pound  of — 

11  cents. 

15  cents. 

25  cents. 

33  cents. 

11  cents. 

15  cents. 

25  cents. 

33  cents. 

7 

8 

9 

10 

11 

12 

13 

14 

Merino: 

Cents. 
117.2 

122.0 
125.1 

Cents. 
133.  a 

130.0 
132.4 

Cents. 
98.2 

125.0 
130. 1 

Cents. 
106.2 

133.0 
138.1 

Per  cent. 
37.5 

18.0 
16.0 

Per  cent. 
45.0 

23.1 
20.6 

Per  cent. 
25.5 

20.0 
19.2 

Per  cent. 
31.1 

Australian— 

64s 

24.8 

70s 

23.9 

Variation  in  points. 

21.5 

24.4 

6.3 

7.2 

Crossbreds: 

South  American — 

50s 

51.4 
42.0 
36.2 

61.4 
4.5.2 
38.0 

56.9 

47.3 

"41.4 

67.1 
50.6 
43.3 

60.9 
52.3 
46.7 

70.7 
.54. 9 
48.3 

68. 9 
60.3 
54.7 

78.7 
62.9 
56.3 

30.2 
3.5.0 
40.1 

2.5.6 
33.8 
38.7 

37.1 
42.3 
47.6 

31.9 
40.9 
46.2 

41.1 
47.8 
53.5 

35.4 
45. 5 
51.8 

47.9 

46s 

64.8 

36/40S  

60.4 

New  Zealand — 

50s 

41.9 

46s 

52.5 

36/40S 

58.0 

Variation  in  points. 

14.5 

15.4 

18.1 

1&5 

1  Transportation  cost  to  Boston  per  grease  poun  1  of  oue-half  cent  aided  in  the  case  of  .SoulhAmerican 
woolsand  4centsin  thccaseof  Australian  wools.  The  Boston  clean  landed  cost  falls  short  of  full  Ameri- 
can valuation  of  these  wools  by  the  amount  of  profit  a<lded  hy  importers.  This  profit  usually  adds  ap- 
proximately 3  per  cent  to  Boston  clean  landed  cost. 

Comparing  columns  11  and  13  in  Tal)le  13,  it  will  be  noted  that, 
in  the  case  of  merinos,  the  ad  valorem  equivalent  of  the  11-cent 
grease-pound  duty  once  more  shows  a  much  wid(;r  range  than  the 
25-cent  clean-content  duty.     In  the  case  of  croosbrcds,  the   11-cent 

]092G{>— 22 4 


20  RECEXT    TENDENCIES    IN    THE    WOOL   TPwVDE. 

grease-pound  duty  in  column  11  shows  a  range  a  little  narrower  than 
the  clean-content  duty  in  column  13.  Columns  12  and  14,  of  course, 
show  a  slightly  wider  range  than  columns  11  and  13.  It  will  be 
further  noted  that  in  the  case  of  merinos  the  extreme  ad  valorem 
equivalent  in  column  13  is  12  per  cent  lower,  while  in  the  case  of 
cross])rcds  it  is  12  per  cent  higher  than  in  column  11.  The  same 
relation  holds  in  columns  12  and  14.  In  other  words,  the  excess 
ad  valorem  of  the  clean-content  duties  in  the  case  of  crossbreds  is 
offset  by  the  reverse  in  the  case  of  merinos. 

Since  the  figures  in  Table  12  as  compared  with  Table  11  indicate 
a  marked  curtailment  in  ad  valorem  equivalent  on  foreign  valuation 
for  the  same  duties,  it  is  of  interest  to  compare  the  ad  valorem  equiva- 
lents of  these  duties  on  a  pre-war  foreign  valuation.  As  formerly 
stated  by  the  commission,^^  the  pre-war  valuation  is  the  fair  basis  to 
use.  since  the  abnormally  low  prices  for  crossbred  wools  are  steadily 
being  corrected.  Since  Table  13  shows  a  further  curtailment  of  the 
ad  valorem  equivalents  when  figured  on  American  valuation,  it  is 
also  of  interest  to  show  these  ec|uivalents  on  the  pre-war  American 
valuation. 

Table  14  is  therefore  presented  to  show  ad  valorem  equivalents  on 
both  foreign  and  American  valuation  on  the  pre-war  basis.  In  this 
table,  prices  as  of  July,  1914,  for  specific  grades  at  the  London 
auctions  are  used  in  connection  with  the  same  shrinkages  as  given  in 
Tables  11  to  13.  This  gives  partl}^  estimated  results  which  deal  with 
the  different  grades  with  approximate  fairness  and  with  sufficient 
accuracy  for  purposes  of  comparison. 

In  Table  14,  on  the  basis  of  foreign  valuation  (columns  14  to  17, 
inclusive) ,  it  will  be  seen  that  the  specific  grease-pound  duties  give  a 
much  wider  range  in  ad  valorem  equivalents  on  merinos  than  the 
specific  clean-content  duties  show  in  the  case  of  crossbreds,  while  the 
extreme  range  in  ad  valorem  equivalent  of  the  11-cent  duty  for  all  the 
grades  is  considerably  wider  than  that  of  the  25  cent  clean-content 
duty.  This  comparison,  therefore,  favors  the  specific  clean-con- 
tent duty.  The  same  is  true  when  the  extreme  ranges  in  columns 
16  and  18  are  compared. 

On  the  basis  of  pre-war  American  valuation  (columns  10  to  13  in 
Table  14) ,  it  will  again  be  seen  that  the  specific  grease-pound  duties 
give  a  wider  range  in  ad  valorem  equivalents  on  merinos  than  the 
clean-content  duties  show  in  the  case  of  crossbreds.  The  extreme 
range  on  all  wools  in  column  10  is  also  considerably  wider  than  the 
extreme  range  in  column  12.  This  comparison  again  favors  the 
specific  clean-content  as  against  the  specific  grease-pound  duty. 
The  same  is  true  when  column  11  is  compared  with  column  13. 

*  See  report  of  the  U.  S.  Tariff  Commission  ou  The  Wool-Growing  Industry,  1921,  p,  457. 


RECEXT    TENDENCIES    IN    THE    WOOL    TRADE. 


21 


Table  14. — Ad  valorem  equivalents  of  specific  grease  pound  and  scoured  pound,^  wool 
duties  on  pre-war  clean  value  of  foreign  ivools,  as  of  July,  1914- 


Shrink- 
age. 

Yield. 

Lon- 
don .2 
price 
per 
clean 
pound. 2 

Scoured  pound 

equivalent  of 

specific 

Boston  clean  cost  with  specific 
duty  per— 

Grade. 

grease  pound 
duty  of— 

Grease  pound 
of— 

Clean 
of 

pound 

11 
cents. 

15 
cents. 

11 
cents. 

15 
cents. 

25 
cents. 

33 

cents. 

Merinos: 

Pataeonia 

Pcrccn'. 
75 
63 

50 
45 

Perceni. 
25 
37 

50 
55 

Cents. 
48 
54 

60 
64 

Cents. 
44.0 
29.7 

22.0 
20.0 

Cents. 
60.0 
40.6 

30.0 
27.3 

Cents. 
93.0 

84.7 

83.0 
85.0 

Cents. 
109.0 
95.6 

91.0 
92.3 

Cents. 
74.0 
80.0 

86.0 
90.0 

Cents. 
82.0 

Cape 

88.0 

Australian— 

64s 

94.0 

70s 

98.0 

30 
28 
25 

70 
72 
75 

Crossbreds: 

Australasian — 

46/50S 

36 
34 
31 

15.7 
15.3 
14.7 

21.4 
20.8 
20.0 

52.7 
50.3 
46.7 

58.4 
55.8 
52.0 

62.0 
60.0 
57.0 

70.0 

46s 

68.0 

36/40S 

65.0 

' 

Ad  valorem  equivalent  on  Boston 
value  per  clean  pound  of  specific 
duties  per- 

Ad  valorem  equivalent  on  foreign 
(London)  value  per  clean  pound 
of  specific  duties  per — 

Grade. 

Grease  pound  of— 

Clean  pound  of— 

Grease  pound  of— 

Clean  pound  of — 

11  cents. 

15  cents. 

25  cents. 

33  cents. 

11  cents.  16  cents. 

25  cents. 

33  cen  ts 

Merinos: 

Patagonia 

Per  cent. 
47.3 
3.5.1 

26.5 
23.5 

Percent. 
5.5.0 
42. 5 

33.0 
29.6 

Percent. 
33.8 
31.3 

29.1 

27.8 

Per  cent . 
40.2 
37.5 

35.1 
33.7 

Percent.  Percent. 
91. 6        125.  0 
55.  0          75.  2 

Percent. 
52.1 
40.3 

41.2 
39.1 

Percent. 
68. 8 

Cape 

61.1 

Australian — 
64s. 

36.7 
31.2 

50.0 
42.7 

55.0 

70s 

51.6 

Variation  in  points. 

23.8 

25.4 

6.0 

6.5 

60.4 

82.3 

13.0 

17.2 

Crossbreds: 

Australasian- 
46/.50S 

29.8 
30.4 
31.5 

36.7 
37.3 
38.5 

40.3 
41.7 
43.9 

47.1 
48.5 
50.8 

4:i.  6 
45.0 
47.4 

59.4  1        69.4 
60.  2  i        73. 5 

64.5  1        80.6 

91.6 

46s 

97.1 

36/40S 

106.5 

Variation  in  points. 

1.7 

1.8 

3.6 

3.7 

3.8 

5. 1           11. 2 

14.9 

1  Prices  per  clean  pound  at  the  London  auctions  in  July,  1914,  from  the  Wool  Record  and  Textile  World. 
To  these  prices  are  added  1  cent  per  pound  to  cover  tran.s])ort;iti(>n  charges  (approximate),  and  the  duties 
shown  in  this  table,  to  arrive  at  Boston  clean  value.  The  same  shrinkages  arc  used  as  in  Table  10.  Pata- 
gonia merinos  arc  assumed  equal  in  clean  cost  (London)  to  ('ai)e  clothing. 

*  One  penny  equals  2  cents. 

A  further  consideration  in  connection  witli  the  foregoing  tables 
is  that  the  foreign  grade  of  3G/40s  always  sliow^s  the  higliest  ad  va- 
lorem equivalents  of  tlu^  proposed  specific  clean-content  duties.  wheth(>r 
figured  on  foreign  or  American  vakiation.  The  ad  valorem  e((uiv- 
afents  of  the  specific  grease-pound  (hities  an^  always  highest  in  th(5 
case  of  Patagonia  merinos.  Tlie  latter  have  been  iigured  at  an  aver- 
age shrinkage  of  75  per  cent,  the  former  at  25  to  26  per  cent.""*     Those 

35  For  detailed  shrinkage  figures  on  Argentine  wools,  by  Provinces  and  Territories,  from  merino  to  the 
coarsest  braid,  sec  Table  VIII  (a),  p.  4H.  Table  VIII  (b),  p.  49,  which  gives  ranch  prices  in  .\rgentlna 
for  pre-war,  war,  and  post-war  years,  is  added  for  its  gen^'ral  interest. 


22  RECENT   TENDENCIES  IN   THE   WOOL  TRADE. 

heavy  shrinking  merinos,  and  others  of  similar  type,  are  highly 
desirable  wools,  particularly  for  the  carded  woolen  industry  in  the 
United  States.  The  former  specific  grease-pound  duty  virtually 
prohibited  importation  of  such  wools,  for  which  domestic  mills  have 
an  especial  need  to  meet  the  recent  demand  for  fine  fiber.  The  light 
shrinking  braid  wools  are  also  highly  desirable,  but  when  used  in  the 
manufacture  of  clothing  a  large  proportion  enters  into  special  fabrics 
turned  out  by  relatively  few  American  mills.  In  addition  to  some 
coarse  worsteds  and  woolens,  these  very  coarse  wools  are  worked 
up  into  braids,  high-grade  coat  linings,  lustrous  dress  goods,  and 
"mohair"  and  "alpaca'  summer  suitings.  Owing  to  the  uses  to 
which  these  coarse  wools  are  put,  and  to  the  fact  that  but  rela- 
tively small  quantities  are  consumed  each  year,  it  is  open  to  question 
whether  these  very  coarse  wools  should  be  considered  in  comparisons 
of  ad  valorem  equivalents.  From  1918  to  1921,  inclusive,  the  annual 
consumption  of  "low"  wools  in  the  United  States  ranged  from  7.14 
per  cent  of  the  total  in  1918,  when  military  demand  greatly  stimu- 
lated their  use,  to  2. 58  per  cent  in  1921.  The  average  for  these  four 
3'ears  was  less  than  4.5  per  cent  of  the  total.""'  As  a  matter  of  fact, 
the  average  consumption  of  merino  fiber  of  clothing  length  was  much 
larger  than  that  of  low  wools'*^  which  in  addition  to  braid  or  Lincoln, 
also  include  fiber  similar  to  domestic  "low  c[uarter-blood"  and 
"common"  grades.  It  is  open  to  question  whether,  under  a  specific 
clean-content  duty,  heav}^  shrinking  fine  wools  imported  from  abroad 
would  not  be  of  greater  importance  to  American  mills  and  to  xVmeri- 
can  consumers  than  the  very  coarse,  light  shrinking  foreign  wools. 
However.  80  per  cent  of  the  annual  consumption  of  low  wools  during 
the  past  four  years  consisted  of  imported  fibre. 

From  the  foregoing  it  is  evident  that  specific  clean-content  duties 
remove  the  tariff  discrimination  against  imports  of  heavy  shrinking 
wools  which  has  characterized  specific  grease-pound  duties.  So  far 
as  the  shrinkage  is  concerned,  a  duty  on  the  clean  content  can  not 
but  bear  ec|ually  on  all  grades  of  wool,  wherever  gro^vn  and  whatever 
the  shrinkage  may  be,  since  the  world  markets  are  freeh'  opened  to 
buj^ers  for  export  to  America  on  an  equal  basis,  and  the  wool  is 
bought,  taxed,  and  consumed  on  the  basis  of  clean  content.  This 
was  not  true  of  specific  grease-pound  duties,  which  taxed  dirt  and 
grease  as  heavily  as  the  clean  content,  and  the  disproportionate  levy 
on  clean  content  of  heavy  shrinking  wools  made  it  impracticable  to 
import  them.  From  the  foregoing  discussion  it  is  also  evident  that 
whether  on  foreign  or  American  pre-war  valuation,  the  ad  valorem 
equivalent  of  clean-content  duties — i.  e.,  the  relation  of  such  duties 
to  cjuality  of  wool — shows  a  smaller  range  and  a  smaller  high  limit 
than  the  grease-wool  duties  with  which  they  are  compared.  That 
is,  of  the  two  main  factors  which  determine  price  and  the  burden  on 
the  mills  of  any  specific  duty,  a  clean-content  duty  eliminates  the 
effect  of  variations  in  shi'inkage  and  minimizes  the  effect  of  variations 
in  quality. 

*o  For  consumption,  by  grades,  of  foreign  and  domestic  wools  for  each  of  these  four  years,  see  Table  II, 
p.  37.    This  table  gives  consumption  of  grease  wool  and  grease  equivalent  of  scourGd  and  pulled  wool. 

*i  Table  III.  p.  40  is  added  to  snoiv  consumption  in  condition  reported  by  grades  of  domestic  and  foreign 
wools,  and  also  by  combing  and  clothing  subgrades. 


•RECEXT   TENDENCIES    IN    THE    WOOL   TEADE. 


23 


THE  RELATIVE  EFFECT  OF  DIFFERENT  DUTIES  ON  THE  CONSUMER. 

The  heavier  ad  valorem  equivalent  of  clean-content  duties  on 
coarse  wools  on  a  normal  market,  therefore,  would  not  seem  to  be  of 
vital  importance  to  the  mills,  which  buy  wool  on  the  basis  of  clean 
content,  and  which  on  a  normal  market  would  be  more  nearly  on 
terms  of  strict  equality  in  securing  their  raw  material  under  a  clean- 
content  than  under  a  grease-pound  duty."*^  In  fact,  a  clean-content 
duty  should  be  of  advantage  to  the  wool  manufacturers  as  a  whole, 
although  it  might  sharpen  competition  between  the  woolen  and 
worsted  branches:  in  that  case  it  should  react  favorably  on  consumers 
through  the  opening  up  of  large  supplies  of  foreign  wools  which  were 
not  available  under  specific  grease-pound  duties.  The  reason  that 
the  question  of  the  form  of  duty  to  be  adopted  would  seem  to  be  of 
little  real  import  to  the  mills  is  that  under  normal  conditions  most  or 
all  of  any  duty  paid  on  wools,  whether  or  not  taxed  on  the  clean  con- 
tent, is  passed  on  to  the  consumer — that  is,  the  increased  cost  of  raw 
material  is  added  to  the  cost  of  the  finished  product  of  the  mills.  It 
is  therefore  the  consumers  who  are  chiefly  concerned  in  whether  or 
not  the  duty  on  wool,  if  levied,  is  placed  on  the  clean  content  or  on 
the  grease  pound.  Viewed  from  this  angle,  it  is  important  to  deter- 
mine which  form  of  duty  bears  more  heavily  on  the  consumer.  The 
following  tabulation  compares  specific  duties  on  the  clean  content 
with  the  efi'ective  duties  per  pound  of  clean  wool  which  result  from 
the  use  of  specific  duties  on  the  grease  pound.  This  comparison  is 
pertinent,  because  the  consumer  is  concerned  not  with  relative  ad 
valorem  ecfuivalents  but  with  the  specific  additions  to  his  clothing 
bill  in  dollars  and  cents  by  one  or  the  other  form  of  duty.  In  this 
table  specific  ^ease-pound  duties  of  11  and  15  cents  are  compared 
with  specific  clean-content  duties  of  22  and  30  cents  per  pound  on 
the  assumption  that  the  average  shrinkage  of  foreign  wools  is  approxi- 
mately 50  per  cent,  a  figure  which  is  reasonably  accurate.  If  grease- 
pound  and  clean-content  duties  in  the  foregoing  tables  had  been 
compared  on  this  basis,  the  results  would  have  been  more  favorable  to 
the  clean-content  duties  than  the  comparisons  already  made. 

Table  15. — Comparison  of  specific  clean-content  duties  and  equivalent  duties  per  pound 
of  clean  content  which  result  from  use  of  specific  duties  per  grease  pound. 


Shrink- 
age. 

Yield. 

Equiva- 
lent 
duty 
per 
clean 
poimd  of 
grease 
wool — 
duty  of 
U  cents. 

3 

Clean- 
content 
duty. 

Difference  per 

pound  of  clean 

content  in  favor 

of  consumers  of— 

Equiva- 
lent 
duty 
per 
clean 
poimd  of 
gicase 
wool- 
duty  of 
15  cents. 

Clean- 
content 
duty. 

Difference  per 

pound  of  clean 

content  in  favor 

of  consimiers  of — 

11  cents 
grease- 
wool 
duty. 

22  cents 
clean- 
content 
duty. 

15  cents 
grease- 
wool 
duty. 

30  cents 
clean- 
content 
duty. 

1 

2 

4 

5 

6 

7 

8 

9 

10 

Per  cent. 
75 
66if 
60' 
50 
40 
33ii 
25' 

Per  cent. 
25 
33  J 
40 
50 
60 
661 
75 

Cents  per 
pound. 
44.0 
33.0 
27.5 
22.0 
18.3 
16.5 
14.7 

Cents  per 
]X}und. 
22 
22 
22 
22 
22 
22 
22 

Cents  per 
pound. 

Cents  per 

pound. 

22.0 

11.0 

5.5 

Cents  per 
pound, 
m.  0 
45.0 
37.5 
30.0 
25.0 
22.2 
20.0 

Cents  per 
pound. 
30 
30 
30 
30 
30 
30 
30 

Cents  per 
pound. 

Cents  per 

pound. 

30.0 

15. 0 

7.6 

3.7 
5.5 
7.3 

5 

7.8 
10.0 

"  See  report  of  U.  S.  Tariff  Commission  on  The  Wool-Growing  Industry,  1921,  p.  26. 


24 


RECEXT    TENDEXCIES   IX    THE    WOOL   TRADE. 


From  an  examination  of  the  figures  in  Table  15  it  would  seem  that 
a  specific  clean-content  duty  favors  the  consumer  more  than  a 
specific  grease-pound  duty.  Making  allowance  for  recovered  waste, 
and  assuming  that  3h  pounds  of  clean  wool  are  required  for  a  suit  of 
clothes,  the  first  cost  of  this  raw  material  to  domestic  mills  is  in- 
creased by  77  cents  in  column  4,  and  by  SI. 54  in  column  3,  in  the 
case  of  wool  which  shrinks  75  per  cent.  With  a  shrinkage  of  25  per 
cent,  the  cost  of  the  raw  material  for  a  suit  is  increased  by  77  cents  in 
column  4  and  by  51  cents  in  column  3.  If  the  high  shrinkage  limit 
is  placed  at  66 §  and  the  low  at  33 J  per  cent,  which  is  fair  enough, 
there  is  a  considerable  difference  in  first  cost  of  raw  material  m  favor 
of  clean-content  duties.  If  50  per  cent  is  taken  as  the  average 
shrinkage  of  foreign  wools,  there  is  no  apparent  difference  in  first 
cost,  or  in  cost  to  consumer,  for  either  form  of  duty,  but  the  clean- 
content  duty  makes  available  to  domestic  mills  and  to  consumers, 
the  heavy  shrmking,  but  otherwise  highly  desirable  foreign  wools 
which  are  kept  out  by  a  specific  grease-pound  duty.  This  removal  of 
discrimination  against  heavy  shrinking  foreign  wools  seems  desirable 
from  the  standpoint  both  of  consumers  and  of  at  least  a  considerable 
part  of  the  domestic  wool  manufacturing  industry. 

Examination  of  the  foregoing  tables  supports  the  recommendation, 
alike  by  the  Tariff  Board  and  the  TariflF  Commission,  of  a  specific 
duty  on  the  clean  content  in  preference  to  any  other  form  of  duty. 
The  recommendation  of  the  Tariff  Board  is  worth  restating: 

"A  full  consideration  of  the  above  facts  would  seem  to  indicate 
that  some  method  of  assessing  a  specific  rate  on  the  clean  content 
would  remedy  most  of  the  primary  faults  of  Schedule  K;  that  it 
would  best  safeguard  the  important  revenues  derived  by  the  Govern- 
ment from  wool  duties;  that  it  would  insure  greater  stability  in  the 
industries  directly  concerned  than  any  other  system."  *^ 

Statistical  Tables. 


Table  I. — Stocks  of  wool  in  the  grease  and  of  scoured,  pulled,  tops,  and  noils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  June  30,  1917,  to  September 
30,  1921. 

[In  thousands  of  pounds.] 

QUARTERLY  WOOL  STOCK  REPORT,  JUNE  30,  1917. 


Class  and  grade. 

Wool 
in  the 
grease. 

Grease  equivalent. 

Grand 

Scoured. 

Pulled. 

Tops. 

Noils. 

total. 

Fine: 

Domestic 

52,099 
46,247 

9,857 
16,915 

4,211 
1,617 

66, 167 

Foreign 

64,779 

Total 

98,346 

26,772 

5,828 

9,089 

10,631 

150, 666 

One-half  blood: 

Domestic 

29, 803 
20,335 

6,019 
4,6.57 

4,842 
371 

40,664 
25,363 

Foreign 

Total 

50, 138 

10,676 

5,213 

9,496 

7,460 

82,983 

Three-eighths  blood: 

29,044 
34,342 

11,791 
10,480 

7,698 
1,876 

48,533 

Foreign 

46,698 

Total 

63,386 

22, 271 

9,574 

8,426 

6,267 

109,924 

"  See  report  of  the  Tariff  Board  on  Schedule  K,  1912,  p.  398. 


RECENT   TENDENCIES    IN    THE    WOOL    TRADE. 


25 


Table  I. — Stocls  of  ivool  in  the  grease  and  of  scoured,  pulled,  tops,  and  noils,  reduced  to 
their  grease  equivalerit,  on  hand  at  the  end  of  each  quarter,  June  30,  1917,  to  September 
30,  1921— Continued. 

[Ill  thousands  of  pounds  ] 

QUARTERLY  WOOL  STOCK  REPORT,  JUNE  30,  1917-Continued. 


Class  and  grade. 


One-fourth  blood: 

Domestic 

Foreign 


Total. 


Domestic. 
Foreign . . . 


Carpet: 

Foreign. 
Total.. 


Grade  not  stated: 

Domestic 

Foreign 


Total. 


Total: 

Domestic. 
Foreign . . . 


Grand  total. 


Wool 
in  the 
grease. 


22, 632 
56,532 


79, 164 


3,  S12 
24,613 


34, 7.54 
34, 754 


10, 722 
5,058 


15, 780 


148, 112 
221,881 


369,993 


Grease  equivalent. 


Scoured.     Pulled 


7,194 
18,416 


25, 610 


1,633 
2,645 


4,278 


2,955 
2,955 


433 
8U 


36, 927 
56,879 


4,695 
6,490 


11,185 


1,110 
2,173 


3,306 
3,306 


328 
80 


408 


22,884 
15,913 


Tops. 


Noils. 


12, 256 


2,381 


309 


38,797         46,246 


8,259 


1,337 


1,570 


35,889 


QUARTERLY  WOOL  STOCK  REPORT,  SEPTEMBER  30,  1917. 

Fine: 

Domestic 

54,844 
36,832 

9,669 

21,838 

2,341 
797 

66,854 
59  467 

]•  oreign 

Total 

91,676 

31,507 

3,139 

8,792 

11,032 

146, 145 

One-half  blood: 
Domestic 

45, 737 

18,483 

11,108 
3,830 

3,867 
537 

60, 712 
22  850 

Total 

64,220 

14,938 

4,404 

9,887 

9,231 

102  680 

Three-eighths  blood: 

Domestic.                                           .   .. 

36, 3.55 
26, 679 

11,767 
13, 245 

6,162 
1,505 

54  284 

Foreign 

.   41  429 

Total 

63,034 

25, 012 

7,667 

7,200 

9,296 

112,209 

<,ne-fourth  blood: 

Domestic  .                                         ... 

32, 964 
45, 182 

12, 139 
31, 128 

3,807 
3,944 

48, 910 

Foreign 

80  254 

Total 

78, 146 

43,267 

7,751 

13,374 

12,441 

154,979 

Low: 

Domestic 

6,790 
23,908 

1,761 
3,219 

1,262 
4,2:J2 

9,813 

31,359 

Total 

30, 698 

4,980 

5,494 

0,003 

2,502 

49,677 

Carpet: 

36,354 

5,052 

3,384 

44,790 

Total 

36,354 

5, 052 

3,3&i 

1,870 

1,564 

48,224 

Grade  not  stated: 

18,380 
6,087 

1,824 
2,092 

175 
427 

20, 379 

9, 200 

Total 

24,467 

4,510 

602 

19 

29,004 

26 


RECENT  TENDENCIES  IN   THE   WOOL  TRADE, 


Table  I. — Stocls  of  wool  in  the  grease  and  nf  scoured,  pulled,  tops,  and  noils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  June  SO,  1917,  to  September 
30,  1921 — Continued. 

[In  thousands  of  pounds  ] 

QUARTERLY  WOOL  STOCK  REPORT,  SEPTEAIBER  30,  1917— Continued. 


Class  and  grade. 

Wool 
in  the 
grease. 

Grease  equivalent. 

Grand 

Scoured. 

PuUed. 

Tops. 

Noils. 

total. 

Total: 

195,070 
193,525 

48,268 
81,004 

17,614 
14,826 

260,952 
289, 355 

388,595 

129, 272 

32,440 

47, 126 

43,085 

643,518 

QUARTERLY  WOOL  STOCK  REPORT, 

DECEMBER  31,  1917. 

Fine: 

42,846 
34,267 

7,713 
21, 043 

2.110 
468 

52,669 

55,778 

Total 

.    77, 113 

28,756 

2,578 

7,099 

10, 957 

126  503 

One-half  blood: 

26,705 
15,280 

5.130 
2,632 

2,337 

482 

34, 172 

18, 394 

Total 

41,985 

7,762 

2,819 

9,316 

8,755 

70, 637 

Three-eighths  blood: 

28, 781 
22,330 

10,464 
10,651 

6,112 
1,453 

45  357 

34,434 

Total 

51,111 

21,115 

7,565 

8,946 

7,016 

95, 753 

One-fourth  blood: 

24,732 
52,227 

9,895 
31,983 

5,637 
2,947 

40, 264 

Foreign 



87  157 

Total 

76.959 

41, 878 

8,584 

13,970 

11,581 

152  972 

Low: 

Domestic 

4,709 
18,001 

1,952 
2,106 

1,055 
2,430 

7  716 

22,537 

Total 

22,710 

4,058 

3,485 

5,757 

1,653 

37,663 

Carpet: 

Foreign 

31,342 

4,599 

3,745 

39,686 

Total 

31, 342 

4,599 

3,745 

1,451 

2,202 

43  339 

Grade  not  stated: 

8,749 
19,012 

4,137 
3,217 

365 

13, 251 

22  229 

Total 

27, 761 

7,354 

365 

99 

100 

35  679 

Total: 

Domestic 

136,522 
192, 459 

39,  291 
76, 231 

17,616 
11,525 

193  429 

Foreign 

280, 215 

Grand  total 

328,981 

115, 522 

29, 141 

46,638 

42,264 

562  546 

QUARTERLY  WOOL  STOCK  REPORT,  MARCH  31,  1918 

Fine: 

Domestic 

25, 357 
31,719 

8,415 
20,286 

3,061 

578 

36.833 
52  583 

Foreign 

Total 

57, 076 

28, 701 

3,639 

6,358 

8,961 

104  735 

One-half  blood: 
Domestic 

14,309 
10,441 

4,190 
2,631 

4,328 
532 

22  827 

Foreign 

13' 604 

Total 

24, 750 

6, 821 

4,880 

7,921 

6,367 

50  719 

RECENT  TENDENCIES   IN  THE   WOOL   TRADE. 


27 


'Table  I. — Stocks  of  wool  in  the  grease  and  of  scoured,  pulled,  tops,  and  noils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  June  30,  1917 ,  to  September 
30,  i9;2i— Continued. 

[In  thousaud^f  pounds.] 

QUARTERLY  WOOL  STOCK  REPORT,  MARCH  31,  1918— Continued. 


Class  and  grade. 

Wool 
in  the 
grease. 

Grease  equivalent. 

Grand 

Scoured. 

Pulled. 

Tops. 

Noils. 

total. 

Three-eighths  blood: 

13, 480 
19,789 

8,839 
8,003 

7,071 
1,275 

29,390 

29,067 

Total                    . .        

33,269 

16,842 

8,346 

7,171 

5,436 

71  064 

■One-fourth  blood: 

12, 161 

42, 805 

6,301 
24,453 

4,154 

8,251 

22, 616 

75,509 

Total           

54,966 

30, 754 

12, 405 

11,295 

10, 220 

119,640 

Low: 

2,879 
17, 561 

1,364 
1.509 

809 
1,738 

5, 052 

20, 808 

Total 

20,  440 

2, 873 

2,547 

4,  812 

1,615 

32, 287 

Carpet: 

24, 812 

4,851 

5,307 

34, 970 

Total 

24,812 

4,851 

5,307 

1,785 

1,996 

38, 751 

Grade  not  stated: 

3,778 
3,724 

1,859 
418 

22 

5,659 

4, 142 

Total 

7,502 

2,277 

22 

2 

288 

10, 091 

Total: 

71,964 
150,851 

30,968 
62, 151 

19,445 
17,681 

122,377 



230,683 

222,815 

93, 119 

37,126 

39,344 

34,883 

427,287 

QUARTERLY  WOOL  STOCK  REPORT,  JUNE  30,  1918. 


Fine: 

42,514 
23,722 

6,783 
13,879 

3,267 
917 

52,564 

38,518 

Total 

66,256 

20,662 

4,184 

5,008 

8,475 

104,  .565 

One-half  blood: 

1.5, 103 
12,386 

3,875 
2,135 

5,116 
652 

24,094 

15, 173 

Total 

27,489 

6,010 

5,768 

5,294 

7,161 

51,722 

Three-eighths  blood: 

18,013 
18,357 

5,387 
4,851 

5,057 
1,164 

28,4.57 

24,:}72 

Total 

36,370 

10,238 

6,221 

6,951 

6,248 

60,028 

One-fourth  blood: 

17, 4.33 

44, 777 

4, 251 
12,020 

2,727 
2,273 

24,411 

.'■)9,070 

Total 

62,210 

16,271 

5,000 

9,723 

9,458 

102, 662 

Low: 

3,433 
23,906 

1,465 
3,849 

744 
861 

5,642 

28,616 

Total 

27,339 

5,314 

1,605 

5,065 

1,120 

40, 44:{ 

28 


RECENT   TENDENCIES  IN   THE   WOOL  TRADE. 


Table  I. — Stocks  of  wool  in  the  grease  and  of  scoured,  pulled,  tops,  and  noils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  'June  SO,  1917,  to  September 
30,  i92i— Continued. 

[In  thousa%ds  of  pounds.] 

QUARTERLY  WOOL  STOCK  REPORT,  JUNE  30,  191S— Continued. 


Wool 
in  the 
grease. 

Grease  equivalent. 

Grand 

Class  and  grade. 

Scoured. 

Pulled. 

Tops. 

Noils. 

total. 

Carpet: 

29,863 

3,2.50 

3,240 

36,353 

Total                       

29,863 

3,250 

.3,240 

609 

1,088 

38,050 

Grade  not  stated: 

83,207 
5,794 

634 
264 

451 
79 

84,292 

6,137 

Total                                

89,001 

898 

530 

275 

90,704 

Total: 

179,703 
158, 805 

22, 395 
40,248 

17,362 
9,186 

219,460 

208, 239 

338,508 

62,643 

26,548 

32,650 

33,825 

494, 174 

QUARTERLY  WOOL  STOCK  REPORT,  SEPTEMBER  30,  1918. 


Fine: 

57,085 
20,204 

6,084 
15, 149 

1,842 
1,806 

65,011 

37, 159 

Total  ....                 

77,289 

21,233 

3,648 

4,655 

9,678 

116,503 

One-half  blood: 

28,193 
13,792 

3,714 
2,929 

3.301 
999 

35,208 

17, 720 

Total 

41,985 

6,643 

4,300 

3,317 

6,020 

62,265 

Three-pighths  blood: 

24, 791 
20,082 

4,156 
5. 790 

7,437 
1,313 

.36.384 

27, 185 

Total 

44,873 

9,946 

8.750 

5,014 

6,153 

74,736 

One-fourth  blood: 

21,661 
30,  .563 

3,328 
10,370 

2,224 
2,024 

27,213 

42,957 

Total 

52,224 

13,698 

4,248 

8,879 

7,701 

86,750 

Low: 

3,068 
15,585 

611 
1,024 

583 
1,702 

4,262 

18,311 

Total 

18,653 

1,635 

2,285 

2,608 

973 

26,154 

Carpet: 

24,243 

2,965 

2,082 

29,290 

Total 

24,2t3 

2,965 

2,082 

750 

1,310 

31,350 

Grade  not  stated: 

53,345 
8,947 

618 
1,587 

23 
198 

53,986 

10, 732 

Total 

62,292 

2,205 

221 

48 

411 

65, 177 

Total: 

1S8, 143 
133,416 

18,511 
39,814 

15,410 
10,124 

222, 064 

183,354 

Grand  total 

321,559 

58,325 

25, 534 

25,271 

32,246 

462,935 

RECENT  TENDENCIES  IN   THE   WOOL   TRADE. 


29 


Table  I. — Stocks  ofivool  in  the  grease  and  of  scoured,  pulled,  tops,  and  noils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  June  30,  1917,  to  September 
SO,  ^9^/— Continued. 

[In  thousands  of  pounds.] 

QUARTERLY   WOOL   STOCK   REPORT,  DECEMBER  31,  1918. 


Class  and  grade. 

Wool 
in  the 
grease. 

Grease  eqmvalent. 

Grand 

Scoured. 

Pulled. 

Tops. 

Noils. 

total. 

Fine: 

Domestic 

25,475 
11,100 

6,581 
10,645 

1,445 
309 

33, 501 

22, 054 

Total 

36, 575 

17,226 

1,754 

3,814 

10,856 

70  225 

One-half  blood: 

13,636 
3,694 

3,507 
1^118 

2,666 
410 

19,809 
5,222 

Foreign 

Total 

17,330 

4,625 

3,076 

3,411 

3,870 

32,312 

Three-eighths  blood: 

Domestic 

13,3.58 
4,373 

4,057 
3,433 

6,131 
430 

23,546 
8,236 

Foreign 

Total 

17,731 

7,490 

6,561 

4,244 

5,933 

41,959 

One-fourth  blood: 

11,685 
11,354 

4,326 
6,343 

2,733 
2,279 

18,744 

Foreign 

19,976 

Total 

23,039 

10,669 

5,012 

8,366 

11,316 

58,402 

Low: 

2,843 
6,174 

710 
2,764 

1,253 
1,113 

4,806 

10,051 

Total 

9,017 

3,474 

2,366 

3,216 

1,752 

19,825 

Carpet: 

14, 336 

6,719 

1,603 

22,658 

Total 

14,336 

6,719 

1,603 

547 

988 

24,193 

Grade  not  stated: 

21,, 505 
992 

627 
1,497 

1.57 
67 

22,289 

2,556 

Total 

22,497 

2,124 

224 

36 

265 

25,146 

Total: 

88,  .502 
52,023 

19, 808 
32,519 

14,385 
6,211 

122,695 

90,75a 

Grand  total 

140,525 

52,327 

20,596 

23,634 

34,980 

1272,062 

QUARTERLY  WOOL  STOCK   REPORT,  MARCH  31,  1919. 


Fine: 

64,  .3.59 
61,. 5.37 

6,a34 
24,896 

2,165 
822 

73,3.58 

87,255 

Total 

125,896 

31,7.30 

2,987 

5,446 

8,071 

174, 130 

One-half  blood: 

21,764 
18,601 

9,668 
1,700 

3,615 
668 

35,047 
20,969 

Total 

40,, 365 

11,368 

4,283 

3,108 

2,891 

62,015 

Three-eighths  blood: 

26,0.56 
18,279 

7,101 
8,096 

6,378 
907 

39,538 

Foreign 

27,282 

Total 

44,  .335 

15,200 

7,285 

5,406 

5,8.32 

78,0.58 

1  There  were,  in  addition,  Government-held  stocks  of  313,746,502  pounds  for  which  data  by  grades  are 
not  available. 


30 


RECENT  TENDENCIES  IN   THE  WOOL  TRADE. 


'Table  l.—Stocls  of  wool  in  the  grease  and  of  scoured,  pulled,  tops,  and  noils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  June  30,  1917,  to  September 

SO,  1921 — Continued. 

[In  thousands  of  pounds.] 

QUARTERLY  WOOL  STOCK  REPORT,  MARCH  31, 1919— Continued. 


Wool 
in  the 
grease. 

Grease  equivalent. 

Grand 

Class  and  grade. 

Scoured. 

Pulled. 

Tops. 

Noils. 

total. 

•One-fourth  blood: 

16,958 
41,364 

7,939 
14, 126 

6,840 
3,451 

31,737 

58,941 

Total  ...              

58,322 

22,065 

10,291 

11,175 

7,564 

109,417 

l,ow: 

2,613 
.32,984 

5,017 
11,058 

1,113 
3,183 

8,743 

37,225 

Total 

25,597 

16,075 

4,296 

2,408 

984 

49,360 

Carpet: 

23,386 

17,611 

4,862 

45,859 

Total 

23,386 

17,611 

4,862 

821 

938 

47,618 

Grade  not  stated: 

21,475 
862 

76 

300 
31 

21,851 

893 

Total                           .       .          

22,337 

76 

331 

127 

22,871 

Total: 

153,225 
187,013 

36,638 

77,487 

20,411 
13,924 

210,274 

278,424 

Grand  total ...        

340,238 

114,125 

34,335 

28,364 

26,407 

543, 469 

QUARTERLY  WOOL  STOCK  REPORT,  .JUNE  30,  1919. 


Tine: 

69, 592 
60,601 

9,042 
20,766 

2,994 
1,263 

81,628 

82,630 

Total 

130, 193 

29,808 

4,257 

4,385 

8,549 

177, 192 

One-half  blood: 

32,331 
20,211 

6,261 
4,066 

3,789 
1,422 

42,381 

25, 699 

Total       

52,542 

10,327 

5,211 

4,075 

3,480 

75, 635 

Three-eighths  blood: 

34,556 
37,458 

9,669 
7,241 

5,915 
2,922 

50,140 

47,621 

Total 

72,014 

16,910 

8,837 

5,819 

4,610 

108, 190 

One-fourth  blood: 

23,779 
80,990 

6,386 
32,356 

4,802 
9,510 

34,967 

122,856 

Total 

104,769 

38,742 

14,312 

10,754 

6,309 

174,886 

Low  or  Lincoln: 

5,772 
16,946 

1,098 
3,855 

1,127 
3,783 

7,997 

24,584 

Total 

22,718 

4,953 

4,910 

3,194 

801 

36,576 

Carpet: 

31,855 

17,099 

5,594 

54,548 

Total 

31, 855 

17,099 

5,594 

729 

664 

^~ 

55,941 

BECENT  TENDENCIES  IN   THE   WOOL   TRADE. 


31 


Table  I. — StocJcs  of  ivool  in  the  grease  and  of  scoured,  pulled,  tops,  and  noils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  June  30,  1917,  to  September 
SO,  1921— Continued. 

[In  thousands  of  pounds.] 
QUARTERLY  WOOL  STOCK  REPORT,  JUNE  30, 191»-Contmued. 


Class  and  grade. 

Wool 
in  the 
grease. 

Grease  equivalent. 

Grand 

Scoured. 

Pulled.   '    Tops. 

Noils. 

total. 

Grade  not  stated: 

39,  ,571 
2,173 

3,129 
286 

100 
32 

42  800 

2  491 

Total 

41,744 

3,415 

132  j           319 

401 

46,011 

Total: 

205,601 
250,234 

35, 585 
85,669 

18, 727 
24,526 

259,913 

360,429 

455, 835 

121,254 

43,253 

29.275 

24, 814 

674  431 

QUARTERLY  WOOL  STOCK  REPORT,  SEPTEMBER  30,  1919. 


Fine: 

61,787 
51,862 

10, 181 
22, 282 

2,2% 
1,862 

74, 264 

76,0% 

Total 

113,649 

32,463 

4,158 

8,397 

9,944 

168,611 

One-half  blood: 

41,828 
18,593 

7,441 
6,149 

2,927 
1,306 

52  1% 

26,048 

Total 

60, 421 

13, 590 

4,233 

4,%9 

3,997 

87, 210 

Three-eighths  blood: 

45, 2:^0 

41,584 

12,  896 
7,:»l 

8, 522 
2,776 

66,648 

51,661 

Total 

86,814 

20,197 

11,298 

6,169 

4,386 

128,864 

One-fourth  blood: 

31,765 
90,497 

8, 573 
34,301 

4,898 
7,749 

45.236 

132, 547 

Total 

122,262 

42,874 

12,647 

15,144 

.5,704 

198,631 

Low  or  Lincoln: 

6,481 

22,838 

1,449 
4,741 

1,154 
4,167' 

9,084 

31,746 

Total 

29,319 

6,190 

5,321 

4,002 

805 

45,637 

Carpet: 

39,849 

9,6% 

3,320 

52,865 

Total 

39,849 

9,696 

3,320 

1,661 

1,003 

55, 529 

Grade  not  stated: 

41,311 
1,149 

1,.')46 
276 

377 
20 

43,234 

1,44.5 

Total 

42,160 

1,822 

397 

18 

104 

44,891 

Total: 

228, 402 
266,372 

42,086 
84,746 

20,174 
21,200 

290,662 

372,318 

Grand  total 

494, 774 

126,832 

41,374 

40,300 

26,033 

729,373 

QUARTERLY  WOOL  STOCK  REPORT,  DECEMBER    31,  1919. 


Fine: 

36,028 
.34,934 

8,974 
19,672 

2,032 
920 

47,034 

55,520 

Total 

70,  %2 

28,646 

2,952 

7,404 

8,676 

118,640 

32 


EECENT   TENDElSrCIKS  IN"   THE   WOOL   TRADE. 


Table  I. — Stocks  of  ivool  in  the  grease  and  of  scoured,  pxdled,  tops,  and  noils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  June  SO,  1917,  to  September 
SO,  19;2i— Continued. 

[Ill  thousands  of  pounds.] 
QUARTERLY  WOOL  STOCK  REPORT,  DECEMBER  31,  1919— Continued. 


Wool 
in  the 
grease. 

Grease  equivalent. 

Grand 

Class  and  grade. 

Scoured. 

Pulled. 

Tops. 

NoUs. 

total. 

One-half  blood: 

26,003 
14,929 

6,198 
3,602 

3,076 
792 

35,277 

19,323 

Total                        

40,932 

9,800 

3,868 

6,800 

3,494 

64,894 

Three-eighths  blooti: 

39, 101 
39,715 

13,724 
10,212 

6,392 
2, 128 

.59,217 

52,055 

Total                    

78,816 

23,936 

8,520 

6,160 

4,240 

121,672 

One-fourth  blood: 

26,342 
65,370 

10,416 
32, 106 

6,556 
10,996 

43,314 

108,472 

Total                        

91,712 

42, 522 

17,552 

12,144 

4,356 

168,286 

Low  or  Lincoln: 

7,232 
25,298 

2,318 
5,016 

1,604 
6,936 

11,154 

37,250 

Total                          

32,530 

7,334 

8,540 

3,866 

392 

52,662 

Carpet: 

36, 899 

6,972 

4,648 

48,519 

Total                  

36, 899 

6,972 

4,648 

2,092 

876 

51,487 

Grade  not  stated: 

18,490 
5,276 

812 
56 

376 

88 

19,678 

5,420 

Total    ..         

23,766 

868 

464 

258 

384 

2.5,740 

Total: 

153,196 
222,421 

42,442 
77,636 

20,036 
26,508 

215,674 

326,  .565 

Total 

375,617 

120,078 

46,544 

38,724 

22,418 

603,381 

Held  by  British  Government  (foreign) 

18,939 

1,462 

20,401 

.394, 556 

121,540 

46,544 

38,724 

22,418 

623,782 

QUARTERLY  WOOL  STOCK  REPORT,  MARCH  31,  1920. 


Fine: 

19, 176 
37, 139 

11,938 
19,049 

3,465 
364 

34,  .579 

57, 152 

Total 

56,315 

31,587 

3,829 

6,898 

9,967 

108,596 

One-half  blood: 

13,  .528 
15,501 

5,471 
4,218 

5,212 
950 

24,211 

20,669 

Total 

29,029 

9,689 

6,162 

5,868 

4,297 

55,045 

•Three-eighths  blood: 

28,631 
31,405 

13, 420 
12, 576 

8,301 
2, 8:31 

50, 352 

46,812 

Total 

60,036 

25,996 

11,132 

7,690 

5,184 

110,038 

One-fourth  blood: 

19, 899 
72, 700 

8,007 
41,651 

4,617 
5, 851 

32,583 

120,202 

Total 

92,  .599 

49,718 

10,468 

10, 237 

4,867 

167,889 

RECENT  TENDENCIES   IN   THE   WOOL   TRADE. 


33 


Table  I. — -Stocks  of  wool  in  the  grease  and  of  scoured,  pulled,  tops,  and  noils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  June  30,  1917,  to  September 
30,  i9;2i— Continued. 

[In  thousands  of  pounds.] 

QUARTERLY  AVOOL  STOCK  REPORT,  MARCH  31,  1920— Continued. 


Class  and  grade. 

Wool 
in  the 
grease. 

Grease  equivalent. 

Grand 

Scoured. 

Pulled. 

Tops. 

Noils. 

total. 

Low  or  Lincoln: 

Domestic 

5,859 
18, 820 

4,385 
4,841 

1,581 
6,306 

11,825 

29,967 

Total 

24,679 

9,226 

7,887 

2,706 

359 

44,857 

Carpet: 

32,707 

6,596 

3,572 

42, 875 

Total    . .           

32,707 

6,596 

3,572 

2,222 

1,004 

46, 101 

Grade  not  stated: 

9,474 
4,919 

818 
264 

326 

80 

10,618 

5,263 

Total    . .         

14,393 

1,082 

406 

329 

273 

16,483 

Total: 

96,567 
213, 191 

44,099 
89, 795 

23,502 
19,954 

164, 168 

322,940 

Total 

309,758 

133,894 

43,456 

35,950 

25,951 

549,009 

United  States  Government  (tops) 

150 

1  50 

309,758 

133,894 

43,456 

36,000 

25,951 

549,059 

QUARTERLY  WOOL  STOCK  REPORT,  JUNE  30,  1920. 


Fine: 

27,521 
28, 843 

10,801 
17,626 

2,515 
390 

40,837 
46,859 

Total 

56, 364 

28, 427 

2,905 

8,898 

11,654 

108,248 

One-hall  blood: 

Dome'itic .  .. 

16, 715 
10,706 

7,140 
4,462 

3,794 
654 

27,649 

15, 822 

Total 

27, 421 

11,602 

4, 448 

5,221 

5,636 

54, 328 

Three-eighths  blood: 

Domestic 

22,973 
32, 498 

15,083 
12,955 

6,036 
1,106 

44, 092 

46, 5.59 

Tot.il 

55, 471 

28,038 

7,142 

8,989 

6,574 

106, 214 

One-fourth  blood: 

18,696 
55,417 

8, 761 
31,632 

3,732 
6, 554 

31, 189 

Foreign ...                                        

93,603 

Total 

74, 113 

40,393 

10, 286 

12,478 

4,347 

141,017 

Low  or  Lincoln: 

5,882 
16,031 

2,227 
4,444 

1,486 
5,.')44 

'  9, 595 

25,919 

Total 

21,913 

6,671 

6,930 

2,480 

505 

38, 499 

Carpet: 

Foreign 

28,594 

6,991 

4,225 

39,810 

Total 

28, 594 

6,991 

4,225 

1,557 

907 

42, 274 

Grade  not  stated: 

31,609 
5,988 

1,410 

887 

159 

33, 178 

6, 875 

Total 

37, 597 



2,297 

159 

229 

462 

40, 744 

'  There  were  50,072  pounds  of  tops  reported  held  by  the  United  States  Government. 


34 


RECENT   TENDENCIES   IN   THE   WOOL  TRADE. 


Table  I. — Stocks  of  tvool  in  the  grease  and  of  scoured,  pulled,  tops,  and  noils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  June  30,  1917,  to  September 
SO,  1921— Contimied. 

[In  thousands  of  pounds.] 

QUARTERLY  WOOL  STOCK  REPORT,  JUNE  30,  ft20— Continued. 


Class  and  grade. 

Wool 
in  the 
grease. 

Grease  equivalent. 

Grand 

Scoured. 

PuUed. 

Tops. 

Noils. 

total. 

Total: 

\Zi,  396 
178,077 

45, 422 
78.997 

17,722 
18,373 

, 

186, 540 

275,447 

Total   

301,473 

124,419 

36,095 

39, 852 

30,085 

531,924 

5,270 

78 

5,34a 

306, 743 

124,497 

36,095         39.852 

30,085 

537,272 

QUARTERLY  WOOL  STOCK  REPORT, 

SEPTEMBER  30,  1920. 

Fine: 

29,661 
14,426 

8,0.59 
10, 183 

1,494 

298 

39, 214 
24,907 

Total 

44,087 

18,242 

1,792 

9,097 

10, 846 

84,064 

One-half  blood: 

22,311 
8,737 

6, 1.37 
4,628 

3,610 
403 

32,0.58 

13, 768 

Total 

31,048 

10, 765 

4,013 

6,219 

4,857 

.56, 902 

Three-eighths  blood: 

24, 525 
28, 158 

14, 591 
10,a38 

5,  484 
1,312 

44,600 
39,508 

Total 

52,683 

24,629 

6,796 

9,679 

5,675 

99,462 

One-fourth  blood: 

17, 433 

45,882 

8,577 
32, 246 

3,295 
10,881 

29,305 

89,009 

Total 

63,315 

40,823 

14, 176 

12, 649 

4,084 

135, 047 

Low  or  Lincoln: 

Domestic         

5,232 
12, 813 

2,  .5.56 
2, 866 

1,431 
4, 951 

9,219 

20,630 

Total 

18,045 

5,422 

6,382 

3,272 

376 

33,497 

Carpet: 

22, 554 
22,  .5.54 

10,065 
10, 065 

3,821 

36,440 

Total 

.3,821 

1,638 

1,357 

39,435 

Grade  not  stated: 

Domestic 

58, 303 
7,132 

1,423 
1,  893 

415 
68 

60,141 

9,093 

65, 435 

3,316 

48:5 

251 

.562 

70, 047 

Total: 

Domestic 

157, 465 
139, 702 

41, 343 
71,919 

15,729 
21, 734 

214, 537 

Foreign 

233, 355 

Total 

297, 167 

113,262 

37, 463 

42,805 

27, 757 

518, 454 

British  Government  (foreign) 

3,000 

30 

3  030 

Grand  total 

300, 167 

113,292 

37,463 

42,805 

27, 757 

521  484 

QUARTERLY  WOOL  STOCK  REPORT, 

DECEMBER  31,  1920. 

Fine: 

Domestic 

41,300 
21,393 

8,962 
11  368 

1,708 
292 

i 

51, 970 

Foreign 

1 

33,053 

Total 

62  693  t      ^  ssn 

2  000 

4  977 

5  795  i 

95, 795 

1 '- 

' 

RECENT    TENDENCIES    IN    THE    WOOL    TRADE. 


35 


Table  I. — StocJcs  of  wool  in  the  grease  and  of  scoured,  pulled,  tops,  and  noils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  June  SO,  1917,  to  September 
SO,  7S'l^;--0ontinued.. 

[In  thousands  of  pounds.) 

QUARTERLY  WOOL  STOCK  REPORT,  DECEMBER  31,  1920— lontinued. 


Class  and  grade. 

Wool 
in  the 
grease. 

Grease  equivalent. 

Grand 

Scoured. 

Pulled. 

Tops. 

Noils. 

total. 

One-half  blood: 

Domestic .          

21,333 

8,797 

7, 640 
3,422 

3,412 
436 

j 

32  385 

12,655 

Total 

30, 130 

11,062 

3,848 

3,688 

2,380 

51, 108 

Three-eighths  blood: 

22,927 
27, 242 

15,410 
9,332 

6, 380 
1,436 

44,717 

Foreign...                    

3S  010 

Total 

50,169 

24,742 

7,816 

5,175 

3,235 

91  137 

One-fourth  blood: 

Domestic 

14,682 
49, 775 

10,012 

30,  .588 

4,204 
4,016 

28  898 

84,379 

Total 

64,4.57 

40,600 

8,220 

7,818 

2,510 

123  605 

Low  or  Lincoln: 

3,843 
18,027 

2,5.56 
2,032 

1,348 

4, 688 

1 

7.747 

i 

24  747 

1 

Total 

21,870 

4,588 

6,036 

2,218 

294 

35,006 

('arpet: 

27,206 

5,042 

4,848 

37,0% 

Total 

27,206 

5,042 

4,848 

918 

660 

38  674 

Grade  not  stated: 

Domestic 

86,249 
3,421 

706 
2,028 

640 

192 

87, 595 

Foreign 

5  641 

Total 

89, 670 

2,734 

832 

673 

551 

94,460 

Total: 

Domestic 

190,334 
1.55, 861 

45, 286 
63,812 

17,692 
15,908 

253  312 

23o,  .■>8l 

Total 

346, 195 

jl09, 098 

33,600 

25,467 

15,425 

529, 785 

British  Government  (foreign) '. 

2,407 

2,407 

Grand  total 

348,602 

109,098 

33,600 

25,467 

15, 425 

532, 192 

QUARTERLY  WOOL  STOCK  REPORT,  MARCH  31,  1921. 


Fine: 

Domestic 

lil),  10  J 
36,247 

8,354 
17,246 

2,-596 
584 

41,0.59 

Foreign 

54, 077 

Total 

66,353 

25,600 

3,180 

13,2.58 

10,330 

118,724 

cjne-half  blood: 

12,4.52 
9,721 

6,864 
2,414 

3,444 
540 

22, 760 

Foreign 

12,675 

Total 

22, 173 

9,278 

3,984 

8,176 

3, 152 

46, 763 

Three-eighths  blood: 

20,652 
3.>,319 

.55,971 

10,696 
7,330 

5,424 
932 

36, 772 

Foreign 

43,681 

Total 

18,026 

6,356 

10,796 

5,822 

««,971 

One-fourth  blood: 
Domestic 

15,431 
67,544 

7,262 
27, 73.i 

5, 172 
12,660 

1 

27,860 

■     1 

107,940 

Total 

82,975 

3i,998 

17,832 



14,940 

4,208 

1.54,9.53 

36 


RECENT   TENDENCIES   IN    THE    WOOL   TRADE. 


Table  I. — Stocks  of  wool  in  the  grease  and  of  scoured,  pulled,  tops,  and  rtoils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  June  30,  1917,  to  September 
SO,  i9;^i— Continued. 

[In  thousands  of  pounds.] 


QUARTERLY  WOOL  STOCK  REPORT,  MARCH  31, 

1921— Continued. 

Class  and  grade. 

Wool 
in  the 
grease. 

Grease  equivalent. 

Grand 

Scoured. 

Pulled. 

Tops. 

Noils. 

total. 

Low  or  Lincoln: 

4,696 
21,48.8 

2,350 
4,144 

2,036 
10, 192 

9,082 

35,824 

Total 

26, 1S4 

6,494 

12,228 

3,262 

478 

48.646 

Carpet: 

40,414 

5,868 

4, 780 

51,062 

Total 

40,414 

5,868 

4,780 

1,082 

1,100 

53, 244 

Grade  not  stated: 

92,941 
5, 160 

1,1.54 


276 
96 

94,371 

Foreign 

5, 2.56 

Total 

98, 101 

1,154 

372 

2.3S2 

922 

102,931 

Total: 

176,281 
215, 893 

36,680 
64,738 

•  18,948 

29,784 

231,909 

Foreign 

310,415 

Total 

392, 174 

101,418 

48,732 

53,896 

26,012 

622,232 

700 

700 



Graiidtotal I    392,874  1     101,418,      4^732 


r.3,8%         26,012  I      622,932 


QUARTERLY  WOOL  STOCK  REPORT,  .TUXE  30,  1921. 


Fine: 

41,836 
22.  789 

6,582 
14,540 

2,072 
476 

50,470 

37, 805 

Total 

64,  P.25 

21,102 

2, 548 

12, 162 

8,994 

109.  431 

One-half  blood: 

20,454 

7,489 

6,106 
2, 022 

3,496 
292 

30, 056 

Foreign 

10, 403 

Total 

27, 943 

8,728 

3,788 

6,800 

3,134 

50,  4.83 

Three-righths  blood: 

22,641 
16,412 

11,488 
7,446 

4,852 
928 

38,  7S1 

24,  7>6 

Total 

39,053 

18,f34 

5,  .580 

10,808 

5,190 

79,  565 

One-fourth  blood: 

16,303 
36, 553 

7,576 
24, 792 

3,488 
1,864 

27,457 

Foreign 

63,209 

Total 

52, 946 

.32, 368 

5,3.52 

14,214 

4,962 

109,842 

Low  or  Lincoln: 

5,804 
16,  890 

1,688 
3,826 

964 
8,504 

8,  4.56 

Foreign 

29,220 

Total 

22,694 

5,514 

9,468 

3,  .38^8 

560 

41,624 

Carpet: 

43, 265 

4,926 

3,324 

51,515 

Total 

43,  2I-.5 

4,926 

3,324 

2,300 

1,516 

55.  331 

Grade  not  stated: 

55,  879 

4fiO 
1,024 

276 
3,704 

69,019 

60,  607 

Total 

124, 162 

1,484 

3,980 

498 

124 

130,  248 

Total: 

Domestic 

175,411 
199,277 

33,880 
59, 176 

14,948 
19,092 

1 

224,239 

277,  545 

Grand  total 

374, 688 

93, 056 

34,040 

50, 260 

24,480 

576, 524 

RECENT   TENDENCIES   IN   THE   WOOL   TRADE. 


37 


Table  I. — Stocks  of  wool  in  the  grease  and  of  scoured,  pulled,  tops,  and  noils,  reduced  to 
their  grease  equivalent,  on  hand  at  the  end  of  each  quarter,  June  SO,  1917,  to  September 
SO,  79i^i— Continued. 

[Ill  thousands  of  pounds.] 


QUARTERLY  WOOL 

STOCK  REPORT, 

SEPTEMBER  30, 

1921. 

Class  and  grade. 

Wool 
in  the 
grease. 

Grease  equivalent. 

Grand 

Scoured. 

Pulled. 

Tops. 

Noils. 

total. 

Fine: 

Domestic 

44,785 
13,988 

5,744 
9,608 

1,376 
244 

51  to.') 

23,840 

Total 

58,773 

15,352 

1,620 

10,230 

7, 574 

93,  549 

One-half  blood: 

Domestic 

25,406 
5,604 

4,668 
1,624 

3,152 

468 

33, 226 
7  696 

Foreign 

Total 

31,010 

6,292 

3,620 

6,438 

2, 456 

49,816 

Three-eighths  blood: 

28, 876 
24,112 

9,294 
6,822 

3,772 
300 

Foreign 

31  '^34 

Total 

52, 988 

16, 116 

4,072 

9,260 

3,456 

85, 892 

One-fourth  blood: 

Domestic 

21,530 

49, 600 

6,730 
21,496 

2,728 
3,052 

30, 988 

Total 

71, 130 

28, 226 

5,780 

12,746 

-     2, 598 

120, 480 

Low  or  Lincoln: 

6,110 
11,251 

1,366 
3,910 

1,136 
3,756 

8  612 

18  917 

Total 

17,361 

5,276 

4,892 

3,364 

356 

31  249 

Carpet: 

60, 804 

3,986 

5,412 

70  ■'0'' 

Total 

60, 804 

3,986 

5,412 

2,636 

1,338 

74  176 

Grade  not  stated: 

72,632 
27, 243 

8,468 

8,784 

2,712 
2,244 

S3  812 

Foreign 

38  271 

% 

Total 

99, 875 

17,252 

4,956 

9,704 

3,166 

134  953 

Total: 

Domestic 

199, 339 
192,  G02 

36, 270 
56,230 

14,876 
15,476 

250, 4S5 

Foreign 

264,308 

Grand  total 

391,941 

92,500 

30,352 

54, 378 

20, 944 

590, 115 

Table  II. — Consumption  of  wool  in  the  grease  and  of  scoured  and  pulled  wools  reduced 
to  their  grease  equivalents,  1918-1921 . 


[In  thousands  of  pounds.] 
CALENDAR   YEAR   191S. 


Class  and  graJe. 

Wool  in 
the 

grease. 

Grease  equivalent. 

Total. 

Percent 

Scoured. 

Pulled. 

of  total. 

Fine: 

56,158 
58,494 

12,831 
19,926 

3,595 

748 

72,584 
79, 108 

9.79 

10.07 

Total 

114,652 

32,757 

4,343 

151,752 

20.46 

One-half  bUwd: 

45,120 
34,701 

16,113 
10,97(1 

5,899 
WW 

67, 132 

46,697 

9.05 

6.30 

Total 

79,881 

27,089 

0,859 

113,829 

15.35 

190196 


38  RECENT   TENDENCIES  IN   THE   WOOL  TRADE. 

Table  II. — Consumption  of  irool  in  the  grease  and  of  scoure^l  and  pulled  n'ools  reduced 
to  their  grease  equivalents,  191S-1921 — Continued. 

[In  thousands  of  pounds.] 

CALENDAR  YEAR  1918— Continued. 


Wool  in 

the 
grease. 

Grease  equivalent. 

Total. 

Percent 

Scoured. 

PuUed. 

of  total. 

Threeeiehths  blood: 

.38,014 
28,781 

27, 688 
21,910 

9,210 
1,538 

74,912 
52,229 

10.  10 

7.04 

Total          

66, 795 

49,598 

10,748 

127, 141 

17.14 

One-fourth  Wood: 

37.314 
72, 219 

24,504 
106, 564 

5,717 
3,705 

67,5.35 
182,488 

9.  10 

24.60 

Total     

109., 533 

131,068 

9,422 

250,023 

33.70 

Low  or  Lincoln: 

6,117 
40,665 

1,862 
3,  .562 

211 
522 

8,190 
44,749 

1.10 

6.04 

Total               

46,782 

5,424 

733 

52,939 

7.14 

Carpet,  foreign 

32,117 

7,908 

1,940 

41,965 

5.66 

Grade  not  stated: 

1,514 
170 

1,172 
950 

104 
160 

2,790 
1,280 

.38 

.17 

Total    

1,684 

2,122 

264 

4,070 

.55 

Total: 

Domestic 

Foreign 

184, 237 
267,207 

84,170 
171,796 

24,736 
9, 573 

293, 143 
448,576 

.39. 52 
60.48 

451,444 

2.55, 966 

34,309 

741,719 

100.00 

CALENDAR  YEAR   1919. 


Fine: 

88, 135 
73,212 

16,147 

28,206 

3,742 
309 

108,024 
101,727 

1 7. 23 

Foreign 

16.23 

Total 

161,347 

44,353 

4,051 

209,751 

33.46 

One-half  blood: 

Domestic 

Foreign 

48,249 
33,968. 

15.200 
7,657 

6,275 
375 

69,724 
42,000 

11.12 
6.70 

Total 

82.217 

22,857 

6,650 

111.724 

17.82 

Three-eighths  blood: 

Domest  ic 

Foreign 

35. 622 

24,382 

23, 729 
10, 459 

9,839 
439 

69,190 
35,280 

11.04 
5.62 

Total 

60, 004 

34,188 

10,278 

104,470 

16.66 

One-fourth  blood: 

Domestic 

Foreign 

30. 194 

37, 870 

16,141 
15,311 

4,681 
666 

51.016 
53,847 

8.14 
8.59 

Total 

68, 064 

31,452 

5,347 

104,863 

16.73 

Low  or  Lincoln: 

Domestic 

Foreign 

1,732 
14,782 

2. 123 
4,734 

151 
189 

4,006 
19,705 

.64 
3.14 

Total 

16.514 

6,857 

340 

23,711 

3.78 

Carpet ,  foreign 

53,420 

11,370 

3,392 

68, 182 

10.88 

Grade  not  stated: 

Domestic 

1,968 
177 

621 
318 

102 
998 

2,691 
1,493 

.43 

Foreign 

.24 

Total 

2,145 

939 

1,100 

4,184 

.67 

EECENT   TENDENCIES   IN   THE   WOOL,  TRADE. 


39 


Table  II. — Consumption  of  wool  in  the  grease  and  of  scoured  and  pulled  wools  reduced 
to  their  grease  equivalents,  191S-1921 — Ooutinued. 

[In  thousands  of  pounds.] 

CALENDAR   YEAR   1919— Continued. 


Class  and  grade. 

Wool  in 
the 

grease. 

Grease  equivalent. 

Total. 

Per  cent 

Scoured. 

PuUed. 

of  total. 

Total: 

205, 900 
237,811 

73,961 

24.790 

304,651 
322, 234 

48.60 

78,055  1        6,368 

51.40 

443,711 

152,016  ;      31.158 

626,885 

100.00 

CALENDAR  YEAR  1920. 


Fine: 

51,728 
66,665 

18,304 
25,528 

2,684 
224 

72,716 
92,417 

12.56 

15.97 

Total                            

118,393 

43,832 

2,908 

165,133 

28.53 

One-half  blood: 

36,710 
29,480 

10,912 
5,180 

5,288 
396 

52,910 
35,056 

9.14 

6.06 

Total                         

66, 190 

16,092 

5,684 

87,966 

15.20 

Three-eighths  blood: 

32,544 

26,462 

25,112 
10,856 

5,856 
324 

63,512 
37,642 

10.97 

6.50 

Total 

59,006 

35,968 

6,180 

101,154 

17.47 

One-fourth  blood: 

29,520 
49,920 

15,918 
12,204 

4,C84 
700 

49,522 
62,824 

8.56 

10.85 

Total 

79,440 

28, 122 

4,784 

112,346 

19.41 

Low  or  Lincoln:      , 

2,239 
12,018 

2,090 

2,878 

260 
212 

4,589 
15,108 

.79 

2.61 

Total 

14,2.57 

4,668 

472 

19,697 

3.40 

Carpet,  foreign 

56, 720 

14,004 

3,892 

74,616 

12.89 

(irade  not  stated: 

7,075 
9,585 

930 
288 

40 

8 

8,045 
9,881 

1.39 

-  F  orcign 

1.71 

Total 

16,660 

1,218 

48 

17,926 

3.10 

Total: 

1.59,  S16 
2.50,850 

73,266 
70,938 

18,212 
5,756 

251,294 
327,544 

43.41 

Foreign 

56.  .59 

410,666 

144,204 

23,968 

578,838 

100.  CO 

CALENDAR  YEAR  1921. 

Tine: 

Domestic 

Foreign 

60,221 
38,378 

15,460 
16, 132 

3, 1.36 
240 

78,817 
54,750 

12.12 

8.42 

Total 

98,  .599 

31,. 592 

3,376 

133,587 

20.54 

One-half  blood: 

45,606 
12,7.50 

13,324 
5,714 

5,236 
276 

64,160 

18,740 

9.87 

Foreign 

2.88 

Total 

58,356 

32,119 
19,825 

19.038 

5,512 

82,900 

12.  75 

Three-eighths  blood: 

Doii.estic 

Foreign 

29,760 
8,032 

10,012 
244 

71,891 
28, 101 

11.06 
4. 32 

Total 

51,944 

37,792 

10,266 

99,992 

15.38 



40 


RECENT  TENDENCIES   IN   THE   WOOL  TRADE. 


Table  II. — Consumption  of  nool  in  (he  grease  and  of  scoured  and  pulled  nools  reduced 
to  their  grease  equivalents,  191S-1921 — Continued. 

[In  thousands  of  pounds.] 

CALENDAR  YEAR  1921— Continued . 


Wool  in 

the 
grease. 

Grease  equivalent. 

Total. 

Per  cent 

Class  and  grade. 

Scoured. 

PuUed. 

of  total. 

One-fourth  blood: 

39,320 
49,921 

21,906          8,572 
11,006  1            784 

69,798 
61,711 

10.73 

9.49 

Total                    

89,241 

32,912  1        9,356 

131,509 

20.22 

Low  or  Lincoln: 

2,424 
8,115 

2,948 
1,612 

340 
1,368 

5,712 
11,095 

.87 

1.71 

Total        

10,539 

4,560           1,708 

16,807 

2.58 

50,305 

9,576  1        5,120 

65,001 

10.00 

Grade  not  stated: 

Domestic        

67,527 
50,962 

1,192 
734 

44 
32 

68, 763 
51,728 

10.58 

7.95 

Total 

118,489 

1,926                76 

120,491 

18.53 

Total: 

217,217 
230,256 

84,590 
52.806 

27,340 
8,064 

359, 147 
291,126 

.55.  23 

44.77 

477,473 

137,396 

35,404 

650,273 

100.00 

Table  III. — Quantity  of  ivool  entering  into  manufacture,  by  class,  grade,  and  condition, 

1918-1921. 

[In  thousands  of  pounds.] 


Class  and  grade. 

In  the 

grease. 

Scoared. 

1918 

1919 

1920 

1921 

1918 

1919 

1920 

1921 

Fine: 

Combing— 

48,964 
51,349 

7,194 
7,145 

40,644 
32,485 

4,476 
2, 276 

34,931 
25,624 

3,083 
3,157 

34,  ,596 
67, 819 

2,718 
4,400 

5,747 
40, 293 

370 
372 

78, 175 
68,509 

9,960 
4,702 

42, 790 
29,726 

5,460 
4, 242 

32,701 
23,233 

2,921 
1,150 

27, 930 
36,377 

2,264 
1,493 

1,339 
14, 498 

392 
284 

45, 202 
62, 493 

6,526 
4,172 

30, 286 
28,504 

6, 424 
976 

30, 286 
25, 180 

2,258 
1,282 

27,016 
45,507 

2,504 
4,413 

2,037 
10, 862 

202 
1,156 

49, 513 
34,965 

10,708 
3,413 

42,498 
12, 277 

3,108 
473 

29,529 
18.662 

2,590 
1,163 

35,955 
44,092 

3,365 
5,829 

1,890 

7,817 

534 
298 

429 
1,134 

5,987 
8,829 

2,548 
1,065 

5, 508 
4, 423 

4,790 
4,317 

9,054 
6,638 

2,868 
9,459 

9,384 
43,823 

396 
645 

.  535 
1,136 

656 

828 

7,418 
13, 276 

809 
413 

6,701 
3,415 

2,065 
718 

9,800 
4,  .-11 

1,839 
2,025 

6,232 
5,630 

308 
536 

753 
1,831 

868 
1,211 

8,284 
11,553 

587 
296 

4,869 
2,294 

1,926 
949 

10, 630 
4,479 

2,206 
2,355 

5,753 
3,747 

318 
682 

727 
757 

746 

Foreign 

589 

Clothing- 
Domestic  

6,984 

Foreign 

7,477 

One-half  blood: 
Combing— 

Domestic 

634 

268 

Clothing- 
Domestic 

6,028 

2,589 

Three-eighths  blood: 
Combing — 

2,815 

Foreign 

6.54 

Clothing- 

12, 065 

Foreign 

3, 302 

One-fourth  blood: 
Combing — 

2,513 

Foreign 

1,321 

Clothing- 

8,440 

Foreign  

4,182 

Low  or  Lincoln: 
Combing— 

384 

Foreign 

214 

Clothing- 

1,090 

Foreign  

592 

RECENT  TENDENCIES  IN   THE   WOOL   TRADE. 


41 


Table  III. — Quantity  of  wool  entering  into  manufacture,  by  class,  grade,  and  condition, 

1918-1921— Continued. 

[In  thousands  of  pounds.] 


Class  and  grade. 

In  the  grease. 

Scoured. 

1918 

1919 

1920 

1921 

1918 

1919 

1920 

1921 

Carpet: 

Combing,  foreign 

16,414 
15, 703 

1,514 
170 

24, 673 

28, 747 

1,968 
177 

28, 356 
28, 364 

7,075 
9,585 

22,967 
27,338 

67,527 
50,962 

1,176 
2,778 

586 
475 

1,280 
4,405 

310 
159 

1,359 
5,643 

465 
144 

631 

4  157 

Grade  not  stated: 

596 

Foreign 

367 

Total: 

184,2.'?7 
267, 207 

205, 900 
2:i7,811 

159,  S16 
250, 850 

247, 217 
2:30, 256 

42, 0&5 

85,898 

36,981 
39,027 

36,6;?3 
35, 469 

42,295 
26  403 

Foreign . .        

Grand  total 

451,444 

443,711 

410,666 

477, 473 

127,983 

76,008 

72, 102 

68, 698 

Class  and  grade. 

Pulled. 

Total. 

1918 

1919 

1920 

1921 

1918 

1919 

1920 

1921 

Fine: 

Combing— 

1,537 
207 

1,159 
354 

2,662 
427 

1,763 
293 

3,778 
173 

3,129 
980 

1,922 
1,579 

2,366 
1,200 

77 
297 

81 
94 

178 
1,277 

78 
120 

1,132 

98 

1,674 
133 

2,532 
38 

2,174 
244 

3,810 
43 

3,569 
286 

2,105 
240 

1,346 
260 

66 
119 

47 
23 

321 
2,223 

77 

748 

870 
70 

1,143 

97 

2,147 
73 

1,819 
224 

2,397 
54 

1,995 

188 

2,017 
342 

1,048 

ISt 

82 
V.il 

112 
22 

421 
2,499 

30 
5 

550 
76 

1,802 
103 

1,528 
66 

2,399 
141 

2,909 
60 

4,602 
124 

4,272 
220 

2,1.56 
369 

158 
703 

96 
324 

1,149 
2,690 

33 
23 

50,930 
52,690 

14,340 
16, 328 

45,854 
33,977 

11,747 
6,992 

4:3,499 
30, 114 

15,266 
10,775 

39,386 
78,857 

14, 468 
49,423 

6,220 
41,235 

986 
1,602 

17,768 
19,758 

2,178 
765 

79,963 
69,435 

19,051 
18,111 

46,221 
30, 177 

14,335 
7,901 

38,576 
23,994 

16,290 
5,947 

31,933 
38,643 

9,842 
7,382 

1,714 
15, 153 

1,192 
2,138 

26,274 
35,375 

2,  .356 
1,084 

46,940 
63,774 

15,953 
15,822 

33,a20 

28,873 

13, 112 
3,494 

34,609 
26,183 

14,883 
5,949 

31,239 
48,204 

9,305 
8,344 

2,437 
11,681 

1.041 
1,935 

30, 130 
36,506 

7,  ,570 
9, 7:14 

50,809 

Foreign 

35,630 

19,494 
10,993 

Clothing—  _ 

Foreign 

One-half  blood: 
Combing — 

Domestic 

44,660 

Foreign 

12,611 

Clothing — 

Domestic 

11,535 

Foreign ... 

3, 203 

Three-eighths  blood: 
Combing — 

Domestic 

35,253 

Foreign ....           

19, 376 

Clothing- 
Domestic  

19,257 

Foreign 

4,649 

One-fourth  blood: 
Combing — 

Domestic 

42,740 

Foreign 

45,633 

Clothing — 

13,961 

Foreign 

10,380 

Low  or  Lincoln: 
Combing— 

J)omestic 

2,432 

8,734 

Clothing- 
Domestic 

1,720 

1,214 

Carpet: 

Combing,  foreign 

24,747 

Filling,  foreign 

34, 185 

Grade  not  stated: 

Domestic 

68,156 

51,:3,52 

Total: 

18,5.52 
7,179 

18, 592 
4,776 

13,660 
4,316 

20,505 
6,048 

244,874 
360, 284 

201,473 
281,014 

210, 109 
290, 635 

310,017 

Foreign 

2(i2,707 

Grand  total 

25,731 

23,368 

17,970 

26,553 

605,158  1  543,087 

1 

500,744 

572,724 

42 


RECENT   TENDENCIES   IN   THE   WOOL  TRADE. 


Table  IV. — Imports  for  consumption  of  unmanufactured  wool,  7900-1921. 

[V.  S.  Dept.  of  Commerce,  Commerce  and  Navigation  Reports. 1 

(In  pounds  in  condition  reported.) 


Year. 


Class  1, 
wool. 


Fiscal  rear  ended  .June  30: 

1900 

1901 

1902 

190  i 

1904 

1905 

1908 

1907 

190S 

1909 

1910 

1911 

1912 

1913 

1914 

1915 

1916 

1917 

1918 

Calendar  vear: 

1918.." 

1919 

1920 

1921 


19, 

3.5, 

5.5, 

46, 

39, 

76. 

93. 

91, 

CO. 

99, 

112. 

.58, 

69, 

62, 

171, 

218, 

402, 

279, 

303, 

374, 
334, 
212, 
195, 


Class  2. 


Wool. 


Camels' 
hair. 


8, 4.54,. 325 

6, 590, 739 

5, 949, 909 

12, 494, 579 

11,427,860 

19,290,8:33 

15, 080,  .504 

9,  885,  998 

9,  936,  510, 

16,  .585, 692 

24,809,262 

8, 862, 736 

8, 858, 446 

11,598,126 

21,629,867 

15,050,489 

12,  ,81 2,  878 

16,172,577 

12, 686, 235 

.3,638,617 

7, 404, 045 

4,177,602 

'  9,611,648 


126, 762 

3, 931 

2, 325 

80 


Hair  ol 

the 
.\nsora 
Roat, 
alpaca, 
and  other 
like  ani- 
mals. 


1,720 


89, 903 


112 

26, 694 

55,911 

838, 082 

20, 293: 

26,120 

287, 025 

883,3761 

925, 250 


1,:529,S92 
739, 419 
793, 649 
1,24.3,749 
2,231,:«0 
2,62,5,:^ 
1,298,930 
2,  191,. 547 
1,468,800 
1,:W6,073 
1,967,006 
2, 726, 524 
2, 029, 925! 
1,19.5,054, 
3, 555, 950: 
4, 682, 824 
9, 349,  8.54 
9,:367,801i 
1,826,602 


Total. 


868,926'  ,5,162,386 

330,0:i6  6,123,123 

2,465,737,  4,435,711 

524,974  5,172,269 


9,910,979 
7,3:34,089 
6,  745, 943 
13,7.38,408 
13,0.59,200 
21,922,408 
16,:3,87. 154 
12,077,545 
11,493,213 
17,891,765 
26,  776. 380 
11,615,9.54 
10, 944, 282 
13,631,262 
2,5,206,110 
19,759,433 
22, 449,  757 
26, 423, 7,54 
15,438,087 

9,669,929 
13, 857, 204 
11,079,0.50 
15,  :30S,  S91 


Year. 


Fiscal  vear  ended  June 
30: 

1900 

1901 

1902 

1903 

1904 

1905 

1908 

1907 

1908 

1909 

1910 

1911 

1912 

1913 

1914 

1915 

1916 

1917 

1918 

Calendar  vear: 

1918.." 

1919 

1920 

1921 


Class  3. 


97. 650. 768 
80, 725, 075 
97,78-5,611 

117,400,891 
10.5,430,905 
110,086,286 
107, 167, 7:36 

90,242,1:34! 

62,6:3.3,615! 

87,224,902' 
115,100,8671 

92. 580. 769 
109, 643, 928 

92,197,6.8.5 
127,075,:301 

63,  817,  702 
107.  708,  791 

67, 412,  761 

58, 876, 958: 

68,696,6.33 
95, 732, 470 
35, 549,  .300 
97,  &38, 700 


1,319,576 

997,868 

702, 719 

1,844,32" 

2,  702, 132 

2,  .509, 591 
2,4,51,530 
2.210,985 
1,  219,  863 
4, 140,  .593 
2,609.611 
3,470,177 
.3,8:36,627 

3,  735, 635 
3,694,9:34 
1,662,2771 
1,  729, 549' 

261,9671 
278, 20S 


Total  wool, 

classes 
1,  2,  and  3. 


98,970,344 
81,722,943 
98, 487,  730 
119,24,5,218 
108,1:33.037 
112,  ,595, 877 
109,619,206 
92,4.5:3,119 
63, 8.53, 478 
91, 365, 55. 
117, 770, 478 
96,050,946 
113,4.S0,.5.55 
95,9:33,:320 
l:30, 770, 235 
65, 479, 979 
109, 438, 340 
67,674,728 
59, 155, 166 


452,9711  69,149,604 

790, 902!  95, 52.3, 372 

259, 4431  3.5, 808, 743 

190,  .567  98,029,267 


125,474,715 
123, 121, 8:33 
158,938,437 
176, 562,  .882 
156,  786, 535 
206, 152, 316j 
215, 742, 8:30| 
191,632,719 
1.3.3, 192,  .341 
203,769,6001 
251,969,909 
159,677,444! 
187,  848,  2.591 
165, 822, 3891 
320, 149,613i 
296,941,679! 
523, 177,6.S:3 
363,035,3761 
375, 504, 755 


Total  hair 
Total         ol  the 
camels'  i  Angora 


hair, 
classes 
2  and  3. 


goat, 
alpaca, 

etc., 
class  2. 


1,446,338 

1,001,799 

705, 044 

1,  844, 407 

2,  702, 132 

2,  .509, 591 
2, 4.53, 2.50 
2, 210, 985, 
l,:309,766l 
4,140,5931 
2,669,7  3| 
:3,  496,8711 
3, 892, 538' 
4,-573,717' 

3,  715,  227; 
1.68S,:397i 
2,010,-574: 
1,14.5,-3431 
1,203,4-5.hI 


Grand 
total. 


1, 329, 892 
7:39, 419i 
793,  049] 

1,  243,  749 
2,231,340! 
2, 625, 575: 
1,298,930' 
2, 191, 547i 
1,468,800 
1,306,073! 
l,907,006i 

2,  726,  524: 
2,029,9251 
1,  19.5,054 
3, 555, 950 
4, 0,s2,  824 
9,  .349,  8.54 
9, 307, 801 
1,. 826,002 


128, 2.50, 945 
124,86:3,051 
160, 437, 1-30 
179,651,0-38 
161.720,007 
211.287,482 
219,495,010 
196, 035, 251 
135, 970, 907 
209,216,326 
250, 606, 638 
16.5,900,8-39 
193, 770, 722 
171,591,160 
327, 420, 790 
303,312,900 
-534,544,111 
373, 578, 520 
378, 5:34. 815 


446,436,703,  1,321,8971  5,162,386  452,920,9.86 

437,660,025'  1,120,9:38;  6,12:3,123  444,904,080 

252,1.80,050   2,725,180  4,435,711  2.59,  :340, 941 

303,109,041:      715,  .541  5,172,269  308.996.851 


>  Under  the  emergency  tariff  ol  1921  camels'  hair  is  included  in  wool. 


RECENT   TENDENCIES  IN  THE   WOOL   TKADE. 


43 


Table  V. — Government  issue  price  per  pound  on  domestic  wool  (clean  content)  January 

4,  1919. 


OHIO    AND    SIMILAR.' 

Fine  delaine: 

Choice $1 .  95 

Average 1.  90 

Fine  clothing: 

Choice..' 1.80 

.\verage 1.  75 

One-half  blood  staple: 

Choice 1.  80 

Average 1.  75 

One-half  blood  clothing 1.  70 

Three-eighths  staple 1.  55 

Three-eighths  clothing 1 .  50 

One-fourth  blood  staple 1.40 

One-fourth  blood  clothing 1.  38 

Low  one-fourth  blood 1 .  25 

Common  and  braid 1.15 

TERRITORY. 

Fine  staple: 

Choice 1.90 

Average ] .  85 

•Inferior 1.80 

Fine  clothing: 

Choice..' 1.80 

Average. 1.  75 

Inferior 1 .  65 

One-half  blood  staple: 

Choice 1.80 

Average '. 1.  75 

Inferior 1.  70 

One-half  blood  clothing: 

Choice '^. 1.70 

Average 1.  65 

Inferior 1.  60 

High  three-eighths  staple  50-58s.: 

Choice 1.60 

Average 1 .  53 

Inferior 1.  50 

Three-eighths  clothing,  56-58s.: 

Choice 1.  55 

.\verage 1 .  50  I 

Inferior 1 .  45  | 

J  Including  New  England  States,  New  York,  Pennsylvania,  West  Virginia,  Kentucky,  Virginia,  Michi- 
gan, New  Jersey,  Delaware,  Maryland. 


TERRITORY — Continued. 

Three-eighths  staple,  56s. : 

Choice $1 .  55 

Average 1.  .50 

Inferior 1.  45 

Three-eighths  clothing,  56s.: 

Choice 1.  52 

Average 1.  47 

Inferior 1.  42 

Low  three-eighths  staple: 

Choice 1.  50 

AA'erage 1.47 

Inferior 1.  45 

Low  three-eighths  clothing,  50-56s: 

Choice 1.48 

Average 1. 45 

Inferior 1.  43 

High  one-fourth,  48-508.: 

Choice 1 .  45 

Average 1 .  42 

Inferior 1.37 

High  one-fourth  clothing,  48-50s: 

Choice 1 

Average 1 

Inferior 1.  35 

One- fourth  staple  46-48s: 

Choice 1 

Average 1 

Inferior 1 

One-fourth  clothing,  46-488: 

Choice 1.38 

Average 1 .  35 

Inferior 1.  32 

Low  one-fouj-th,  44s: 

Choice 1.25 

Average 1.  23 

Inferior 1.20 

Common  and  braid,  408: 

Choice 1.17 

Average 1.15 

Inferior 1. 12 


40 
37 


40 
38 
25 


Table  VI. — Wholesale   price 


per  pound  of  domestic  uools   in  the   Boston  marJcet, 
1919-1922. 


TERRITORY,  FINE  STAPLE.s 


Month. 


January . 
FeSruarv 
March . .". 

April 

Mav 

June 


1920 


$1. 590 
1.47.5 
1.490 
\.h7a 
l.f.7.5 
1,700 


$2,000 
2.100 
2.100 
2.100 
2.  100 
1.875 


1921 


$0. 825 
.900 
.900 
.900 
.900 
.S25 


1922 


$0,910 
1.065 
1.125 
1.075 


Month. 


July 

Augn.st 

September, 
October. . . 
November. 
December. 


1919 

1920 

1921 

$1,775 

$1,700 

10.  8.30 

1.875 

l.fi.50 

.  x:«) 

1.875 

1.575 

.XJU 

1.875 

1. 375 

.s:!0 

1. 875 

1.050 

.830 

1.950 

.950 

.805 

1922 


'  As  gi'i'en  in  the  Commercial  Bulletin  ( Hoslon)  at,  l.ho  end  of  the  first,  week  in  each  month. 
2  Price  per  scoured  or  clean  pound. 


44 


RECENT    TENDENCIES   IN    THE    WOOL   TRADE, 


Table  VI. — Wholesale  price  per  pound  of  domestic  uools  in  the  Boston  marl:et,  1919- 

1922 — Continued. 

TERRITORY,  ONE-HALF  BLOOD  COMBING. 


Month. 


January . 
February 

March 

April 

May 

June , 


1919 

1920 

1921 

1922 

$1,635 

S1.S25 

$0. 675 

$0. 795 

1.410 

1.900 

.775 

.990 

1.435 

1.900 

.775 

1.000 

1.  475 

1.900 

.725 

.975 

1.475 

1.900 

.725 

1.600 

1.625 

.710 

Month. 


July 

August 

Septcml  er 
October. . . 
November. 
December. 


1919 

1920 

1921 

$1,600 

$1,500 

SO.  700 

1.725 

1.475 

.700 

1.  775 

1.425 

.700 

1.  775 

1.225 

.700 

1.775 

.945 

.700 

1.775 

.825 

.765 

TERRITORY,  THREE-EIGHTHS  BLOOD  COMBING. 


January. 
Fel)ruary 
March... 

Ai)ril 

May 

June 


?  1.275 

SI.. 350 

80.  525 

SO.  600 

1.2.35 

1.350 

..545 

.725 

1.210 

1.350 

.  555 

.790 

1.075 

1..300 

..540 

.7.50 

1.115 

1.300 

..540 

1.200 

1.175 

.500 

i 

July 

-Yupu.st 

Septeml  er 
Octol  er.. . 
Noveml)er. 
December. 


$1,240 

$1,025 

$0. 510 

1.350 

.975 

.510 

1.375 

.925 

.525 

1.275 

.875 

.525 

1.270 

.700 

.525 

1.350 

.600 

.560 

TERRITORY,  ONE-FOURTH-BLOOD  COMBING. 


January . 
February 

March 

April 

May , 

June 


$1,290 
1.060 
1.010 
.975 
.925 
1.035 


$1,125  I  $0,425 


1.175 
1.175 
1.150 
1.150 
.975 


$0,515 
.640 
.675 
.635 


July 

August 

September 
October. . . 
November. 
December . 


$1,050 

$0,875 

$0,400 

1.100 

.825 

.390 

1. 125 

.725 

.365 

1.125 

.675 

.400 

1.125 

.585 

.400 

1. 125 

.500 

.465 

TERRITORY,  COMMON  AND  BRAID. 


January . 
February 

March 

April 

May 

June 


$1,010 

$0,725 

$0,190 

$0,315 

.710 

.725 

.190 

.390 

.710 

.725 

.190 

.  425 

.710 

.625 

.190 

.410 

.710 

.625 

.215 

.690 

.550 

..215 

August 

.■^ept  ember. 
Octoljer . . . 
November. 
December. 


$0,690 

SO. 550 

$0,215 

.690 

.550 

.215 

.725 

.550 

.215 

.725 

.5.50 

.215 

.725 

.210 

.215 

.725 

.190 

.265 

TERRITORY,  FINE  CLOTHING. 


January. . 
February. 

March 

April 

May 

June 


$1,515 

$1,725 

(3) 

(3) 

1.410 

1.800 

(3) 

(?) 

1.390 

1.800 

(3) 

(3) 

1.410 

1.800 

(3) 

(3) 

1.410 

1.800 

(3\ 

(?) 

1.425 

1.550 

(3) 

(3) 

July $L450 

August I  1.450 

September 1. 450 

October 1.450 


November. 
December . 


1.450 
1.650 


$1,500 
1.450 
1.275 
1.225 
.850 
.700 


(?) 
(') 
(') 
(') 
(') 
(') 


TERRITORY,  FINE  MEDIUM  CLOTHING. 


January. 
February 
March . . . 

April 

May 

June 


$1,415 

$1,650 

(') 

(3) 

1.390 

1.700 

(3) 

1.365 

1.700 

(3) 

(') 

1.365 

1.700 

(3) 

(?) 

1.365 

1.700 

(3) 

(?) 

1.325 

1.475 

{3\ 

(3) 

July 

August 

September 
October . . . 
November. 
December . 


$1. 350 

$1.  475 

(3) 

1.350 

1.275 

(3) 

1.450 

1.075 

(3\ 

1.450 

1.025 

(3) 

1.450 

.700 

(?) 

1.650 

.oto 

(?) 

TERRITORY,  FINE  AND   FINE  MEDIUM  CLOTHING. 


January. . 
February. 

March 

April 

May 

June 


$0. 575 

$0,720 

.675 

.865 

.675 

.900 

.675 

.900 

.655 

.615 



July 

August 

September. 
October... 
November. 
December . 


0.615 
.615 
.615 
.625 
.625 
.645 


•  See  Fine  and  fine  medium  clothing. 


RECENT   TENDENCIES   IN   THE   WOOL   TEADE. 


45 


Table  VI. — Wholesale  price  per  pound  of  domestic  icools  in  the  Boston  market,  1919- 

1922— Continued. 

TERRITORY,   FINE   AND   FINE   MEDIUM   FRENCH  COMBING. 


Month. 

• 

1919        1920 

1921 

1922 

Month. 

1919 

1920 

1921 

1922 

January 

$0.  SIO 
.950 
1.025 
1.000 

July 

$0,675 
.675 
.675 
.675 
.675 
.705 

1 

1 

April 

, 

1 

OHIO  AND   PENNSYLVANIA  FLEECES,  DELAINE  UNWASHED.< 


January. 
February 

March 

April 

May , 

June 


$0.  655 

$0. 930 

$0. 465 

$0. 405 

.620 

.985 

.405 

.470 

.610 

.985 

.410 

.490 

.625 

.985 

.390 

.465 

.725 

.985 

.405 

.710 

.735 

.375 



July 

August 

September 
October . . . 
Noyember. 
December . 


SO.  810 

$0,710 

$0,355 

.840 

.700 

.350 

.840 

.625 

.340 

.830 

.625 

.345 

.860 

.550 

.350 

.895 

.490 

.365 

OHIO   AND   PENNSYLVANIA   FLEECES,  ONE-HALF   BLOOD   COMBING. 


January. 
February 
March . . . 

April 

May 

June 


$0,740 

$0. 850 

$0. 340 

$0. 365 

.  660 

.840 

.340 

.410 

.660 

.840 

..340 

.430 

.660 

.840 

.330 

.400 

1 

.680 

.840 

.330 

1 

.680 

.710 

.305 

i 

July 

August 

September 
October. . . 
Noyember, 
December . 


$0. 740 

$0,690 

$0.  .300 

.805 

.690 

.295 

.805 

.610 

.295 

.805 

.575 

.295 

.805 

.470 

.305 

.  840 

.400 

.  310 

OHIO  AND  PENNSYLVANIA  FLEECES,  THREE-EIGHTHS  BLOOD  COMBING. 


January $0. 745 

February '      .660 

March I      .6.50 

April .590 

May I      .610 

June t      .610 


$0,700 
.705 
.700 
.695 
.690 
.610 


$0. 275 
.290 
.305 
.295 
.295 
.280 


$0. 340 
.395 
.410 
.375 


July 

August 

September 
October. .. 
November 
De?ember. 


$0,690 

$0,540 

$0,265 

.720 

.515 

.255 

.700 

.460 

.255 

.690 

.440 

.265 

.675 

.385 

.265 

.705 

.350 

.285 

OHIO  AND  PENNSYLVANIA  FLEECES,  ONE-FOURTH  BLOOD  COMBING. 


January I  SO.  790 


February . 

March 

April 

May....... 

June 


$0,315 
.375 
.390 
.365 


July '., 

August 

September 
October. . 
Noyember 
December. 


$0,660 

$0,490 

$0,255 

.685 

.460 

.235 

.685 

.430 

.230 

.670 

.405 

.242 

.655 

.365 

.  2.55 

.660 

.310 

.260 

OHIO  AND  PENNSYLVANIA  FLEECES,  COMMON  AND  BRAID. 


January . 
February 
March . . . 

April 

May 

June 


$0. 655 
.605 
.605 
..530 
.380 
.440 


$0. 415 
.415 
.415 
.290 
.  290 
.290 


80. 135 
.  1.35 
.145 
.145 
.170 
.160 


$0. 195 
.2.50 
.260 
.230 


July 

August 

September 
October. . , 
Noi'ember 
December. 


OHIO  AND  PENNSYLVANIA  FLEECES.  FINE  UNWASHED. 


January . 
February 
March . . . 

April 

May 

Jime 


$0,565 

$0,710 

$0..305 

$0,335 

..535 

.740 

.W\ 

.345 

.5.35 

.740 

.320 

.385 

.530 

.7.50 

..325 

.375 

.5.35 

.750 

.310 

.585 

.635 

.295 

August 

September. 

October 

November. 
De  ■"ember. 


$0,615 

$0,610 

$0. 275 

.625 

.610 

.28.5 

.6!K) 

.  525 

.28.5 

.690 

.645 

.28.5 

.690 

.410 

.285 

.710 

.365 

.205 

$0,440 

$0,290 

$0. 160 

.460 

.290 

.  1.55 

.460 

.290 

.  1.55 

.  460 

.290 

.  1.55 

.415 

.1.55 

.155 

.415 

.135 

.175 

*  "Farm"  or  "  Fleece"  wools,  i.  e.,  .such  as  Ohio  and  Pennsylyania,  and  Michigan  and  New  York,  ore 
quoted  on  the  grease  pound,  i.  c.,  in  the  condition  as  shorn  from  the  sheep. 


46 


RECENT   TENDENCIES  IN    THE   WOOL  TRADE. 


Table  VI. — Wholesale  price  per  pound  of  domestic  icools  in  the  Boston  market,  1919- 

19  J2 — Continued . 

OHIO   VND  PENN.SYLVANIA  FLEECES,  ONE-HALF.  THREE-EIGHTHS,  AND  ONE-FOURTH 

BLOOD  CLOTHINC. 


Month. 


January . 
February 
March..'. 
ApriL... 

May 

June 


1919 

1920 

1921 

1922 

$0,575 
.575 
.560 
.510 
.570 
.570 

$0,610 
.610 
.610 
.640 
.640 
.535 

:::;:;;: 

Month. 


July $0,595 

August .  595 

September \      .  595 

October i      .595 

November '      .595 

December !      .610 


$0,532 
.532 
.475 
.475 
.352 
.327 


OHIO  AND  PENNSYLVANIA  FLEECES,  ONE-HALF  BLOOD  CLOTHING. 


January . . 
February . 
March..".. 

April 

May 

June 


Q-) 


(■■■) 


$0. 255 
.255 
.255 
.255 
.285 
.265 


$0,295 
.355 
.370 
.350 


July I  $0,255 


August . 
September. 

October 

November., 
December.. 


.235 
.245 
.245 
.245 
.255 


OHIO   AND   PENNSYLVANIA  FLEECES,    THREE-EIGHTHS  AND   ONE-FOURTH    BLOOD 

CLOTHING. 


January . 
February 
March . .". 

April 

May 

June 


(■'-) 


(5) 


.235 
.235 
.235 
.235 
.260 
.245 


$0,255 
.290 
.310 
.300 


July 

August 

September 
October... 
November. 
December . 


(^) 

(5) 

$0,235 

(5) 

(5) 

.215 

(5) 

(5) 

.215 

(5) 

(5) 

.215 

(5) 

(5) 

.215 

(a) 

(5) 

.235 

MICHIGAN  AND  NEW  YORK  FLEECES,  DELAINE  UNWASHED. 


January . 
February 
March . . . 
April.... 

May 

June 


$0,635 

$0,885 

$0,445 

.605 

.935 

.395 

.605 

.950 

.395 

.605 

.950 

.370  ! 

.685 

.950 

.370  1 

.685 

.715 

.365 

80.385 
.425 
.445 
.435 


July 

August 

September 
October . . . 
November 
December. 


SO. 765 

$0,680 

$0,320 

.800 

.675 

.320 

.800 

.590 

.320 

.800 

.600 

.320 

.800 

.565 

.325 

.860 

.355 

.335 

MICHIGAN  AND  NEW  YORK  FLEECES,  ONE-HALF  BLOOD  UNWASHED. 


January $0,725 

Februarv .645 

March 645 

April 645 

May 670 

June 670 


$0,810 

SO.  330 

SO.  345 

.810 

.3.30 

.385 

.810 

.3.30 

.430 

.810 

.315 

.375  : 

.MO 

.315 

.690 

.295 

J 

July 

.\ugnst 

September 
October... 
November. 
December . 


MICHIGAN  AND  NEW  YORK  FLEECES,  THREE-EIGHTHS  BLOOD  UNWASHED. 


January . . 
February. 

M  arch 

April 

May 

June 


SO.  735 

$0,685 

$0. 265 

1 
$0,325 

.650 

.685 

.280 

.385  1 

.645 

.680 

.295 

.410 

.589 

.675 

.285 

.365  1 

.590 

.675 

.285 

.605 

.595 

.270 

July 

August 

September. 

i  October 

November. 
December., 


$0,680 

$0,535 

$0,260 

.705 

.510 

.255 

.685 

.255 

.685 

.260 

.665 

.3.S0 

.265 

.685 

.340 

.275 

MICHIGAN  AND  NEW  YORK  FLEECES,  ONE-FOURTH  BLOOD  UNWASHED. 


Fe1  ruary. 

March 

April 

May 

June 


$0,775 

$0. 660 

$0,245 

$0,315 

.605 

.670 

.270 

.365 

.615 

.660 

.265 

.390 

.560 

.6.50 

.270 

.330 

..5.35 

.6.35 

.560 

..560 

.265 

1 

July «. 

August 

Seotember 
October... 
November. 
December. 


SO.  650 

$0. 490 

$0,250  ! 

.650 

.460 

.2.35  1 

.675 

.425 

.2.30  : 

.665 

.405 

.237  , 

.  655 

..365 

.245 

.660 

.305 

.255 

'  See  One-half,  three-eighths,  and  one-fourth  blood  clothing. 


RECENT  TENDENCIES   IN   THE   WOOL   TRADE. 


47 


Table  VI. — Wholesale  price  per  pound  of  domestic  uools  in  the  Boston  market,  1919- 

29;-^^— Continued. 

MICHIGAN  AND  NEW  YORK  FLEECES,  COMMON  AND  BRAID. 


Month. 


January, 
p'elrnary 
March... 

April 

May 

June 


.645 
.600 
.600 
.525 
.3S0 
.4.35 


920 

1921 

1922 

).415 

SO.  125 

$0. 195 

.415 

.125 

.245 

.415 

.135 

.260 

.290 

.135 

.230 

.  290 

.170 

.290 

.160 

Month. 


July SO.  440 

August j      .455 

September 455 

Octo!  er 455 

November 415 

December 415 


1920 


SO.  290 
.290 
.290 
.290 
.145 
.135 


$0. 160 
.  155 
.155 
.155 
.  1.55 
.175 


MICHIGAN  AND  NEW  YORK  FLEECES,   FINE  UNWASHED. 


January. 
February 
March... 

April 

May 

June. . . . 


$0,550 

SO.  675 

$0,295 

SO.  295 

.550 

.700 

.295 

.330 

.550 

.700 

.295 

.385 

.525 

.715 

.305 

.345 

.575 

.715 

.305 

.570 

.600 

.300 

July 

August 

September 
October. . . 
November. 
December. 


SO.  595 

SO. 590 

$0,285 

..595 

.590 

.265 

.635 

.510 

.265 

.635 

.510 

.265 

.  635 

.460 

.265 

.665 

.480 

.275 

MICH  GAN    AND     NEW    YORK     FLEECES,    ONE-HALF,    THREE-EIGHTHS,    AND    ONE- 
FOURTH    BLOOD    CLOTHING. 


January . 
February 
March... 

April 

May 

June . . . . 


$0.  .565 
.565 
.565 
.505 
.510 
.560 


$0. 560 
.560 
.560 
.550 
.550 

'  .5.50 


$0. 250 
.250 
.  250 
.240 
.275 
.245 


July 

August 

September 
October . . . 
November. 
December. 


$0,560 

$0,500 

$0,240 

.560 

.500 

.220 

.560 

.400 

.220 

.560 

.400 

.220 

.560 

.350 

.220 

.560 

.330 

.230 

MICHIGAN  AND  NEW  YORK  FLEECES,  ONE-HALF  BLOOD  CLOTHING. 

January    

(=■) 
{'-) 

(  =  ) 

$0,265 
.3.35 

March  

$0  370 

February 

April 

.330 

MICHIGAN  AND  NEW  YORK  FLEECES,  THREE-EIGHTHS  AND  ONE-FOURTH  BLOOD 

CLOTHING. 

(5) 

('■•) 

SO. 235 
.275 

March 

('■') 

$0,310 

February 

April 

.275 

5  See  One-half,  three-eighths,  and  one-fourth  blood  clothing. 

Table  VII. —  Trend  of  wool  prices,  London,  1900-1921. 

[Pence  per  clean  pound.] 
[Data  from  Schwarts  and  Buchanan,  London.] 


Merinos. 

Crossbred. 

Date. 

Port 
Phillip, 
"good." 

Adelaide, 
average. 

Cape, 

short, 

washing. 

Buenos 

Aires, 

average. 

Australian. 

Superfine. 

Fine. 

Medium. 

Coarse. 

Doccmbor,  1900 

Dcccintjcr,  l(K)l 

Dccciiibcr,  1910 

Doccmbor,  1911 

December,  1912 

Doccmbor,  1913 

July,  1914 

Docoinber,  1915 

Docomber,  1916 

April,  1917  1 

December,  1919 

December,  1920 

December,  1921 

19i 
21 
27J 
26J 
29 
284 
334 
43 
65 
75 
I3H 
05 
45 

17 
184 
25 
24 
2») 
25 
28 
35 
.57 
03 
108 
40 
33 

144 

1.54 

22 

204 

224 

224 

274 

31 

48 

.50 

97 

34 

30 

134 

14 

204 

19 

204 

21 

234 

26 

39 

38 

68 

28 

23 

15 
16 
23 
22 
24 
224 
2t) 
37 
51 
»544 
■    95 
45 
35 

1?* 

194 

18 

20 

184 

224 

34 

47 

».'J04 

70 
30 
21 

Ill 
8 

164 
15 
17 

If^ 
28 
.35 
'.35 
40 
19 
104 

9i 

134 
13 
15 

§ 

32 
132 

29 
•'  13 

H 

■  April,  1919,  the  date  of  the  clo.se  of  London  public  auctions. 

2  Nominal.    As  against  July,  1914.    Merinos  are  about  'JO  per  cent  higher;  pieces  15  percent  higher; 
medium  and  coarse  shtcds,  40  per  cent  lower. 


4  9  G  3 


This  book  is  DUE  on  the  last  date  stamped  below 

2  7  Mil 


Form  L-9-15)/i-7,'31 


FD  U.S. 
9890.4  Tariff  oom- 


U53r  ml  s  s  f.  jn  - 

Recent   tecrlDncies 
ill  the  wool  trade 


DEO  2  I'  n^^ 


mis&^i'-- 


F-i'>>''30S  ..T->?i^ tr«*ii 


3^30.4- 
U5ar 


UCLA-Young  Research   Library 

HD9890.4   .U58r 

y 


L  009  611    932  6 


UNIVERSITY  of  CALIFORNIA 


LihUxWr, 


A.^ 


■:^-' 


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